NOTICE Investors in Avaya Holdings Corp. with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – AVYA
The law firm of Robbins Geller Rudman & Dowd LLP announces that the Avaya class action lawsuit – captioned Fletcher v. Avaya Holdings Corp., No. 23-cv-00003 and pending in the Middle District of North Carolina – charges Avaya Holdings Corp. (NYSE: AVYA) and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Avaya class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-avaya-holdings-corp-class-action-lawsuit ...
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Avaya class action lawsuit must be filed with the court no later than March 6, 2023.
CASE ALLEGATIONS: Avaya purports to be a “global leader in digital communications products, solutions and services for business of all sizes delivering its technology predominantly through software and services.”
The Avaya class action lawsuit alleges that defendants failed to disclose that: (i) Avaya’s internal control over financial reporting (“ICFR”) was deficient in several areas; (ii) as a result of these deficiencies, Avaya had failed to design and maintain effective controls over its whistleblower policies and its ethics and compliance program; and (iii) Avaya’s deteriorating financial condition was likely to raise substantial doubt as to its ability to continue as a going concern.
On July 28, 2022, Avaya announced the termination of its CEO, defendant James M. Chirico, Jr. Avaya also announced preliminary third quarter of 2022 financial results that included expected revenues and adjusted earnings before interest, taxes, depreciation, and amortization well below previously given guidance and an unquantified but “significant” impairment charge. Avaya also withdrew its 2022 guidance. On this news, Avaya’s stock price declined more than 56%.
Then, on August 9, 2022, Avaya announced that: (1) Avaya determined there was substantial doubt about its ability to continue as a going concern; (2) Avaya would not timely file its financial statements for the quarter ended June 30, 2022; (3) Avaya’s Audit Committee commenced internal investigations into circumstances surrounding Avaya’s financial results for the quarter; and (4) the Audit Committee also commenced an investigation into matters raised by a whistleblower. On this news, Avaya’s stock price declined more than 45%.
0 Kommentare
| 
