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Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announced that KSF continues its investigation into Extreme Networks, Inc. (NasdaqGS: EXTR).
On January 31, 2024, Extreme Networks disclosed disappointing financial results and operational trends for 2Q24. The company reported quarterly revenues of $296.4 million, down 7% year-over-year. It also generated $186.6 million in product revenue, a decline of 37% year-over-year.
After the disclosures, the company and certain executives were sued in a securities class action. The lawsuit alleges that defendants failed to disclose material information during the class period in violation of federal securities laws.
According to the case, defendants made false and misleading statements about Extreme’s product revenue and backlog between July 27, 2022 and January 30, 2024. The court presiding over the matter recently denied the company’s motion to dismiss, allowing the case to move forward.
KSF said its investigation is examining whether Extreme’s officers and/or directors breached fiduciary duties to shareholders or otherwise violated state or federal laws.
KSF stated that individuals with information that could assist the investigation, or long-term holders of Extreme shares who want to discuss their legal rights, may contact the firm without obligation or cost.
KSF provided a toll-free number at 1-833-938-0905 and an email contact for Lewis Kahn, Managing Partner, at [email protected]. The firm also directed readers to https://www.ksfcounsel.com/cases/nasdaqgs-extr/ for additional information.
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