The Shareholders Foundation announces that an investor, who purchased shares of Aerohive Networks Inc (NYSE:HIVE), filed a lawsuit over alleged violations of Federal Securities Laws by Aerohive Networks Inc in connection with certain allegedly false and misleading statements in connection with Aerohive Networks’ initial public offering (“IPO”) on March 27, 2014
Investors who purchased shares of Aerohive Networks Inc (NYSE:HIVE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made certain materially false and misleading statements in Aerohive Networks’ Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”), which was subsequently used for its initial public offering.
On October 13, 2014, Aerohive Networks Inc reported its preliminary financial results for the third quarter of fiscal year 2014 ended September 30, 2014. Among other things, Aerohive Networks Inc announced expected revenue for the third quarter to be approximately $34.5 million to $35.5 million, which was below the Company’s previously stated guidance of $38 million to $40 million, and an anticipated third quarter net loss per share in the range of $0.18 to $0.16, compared with the Company’s previously stated guidance of $0.16 to $0.14. According to Aerohive Networks Inc, the revenues below prior guidance were the result of “weaker-than-expected order volume…primarily in our less-developed sales territories where sales capacity is not ramping as quickly as expected and performance has been inconsistent. Shares of Aerohive Networks Inc declined to as low as $4.26 per share on October 14, 2014.
On February 11, 2015, Aerohive Networks Inc announced its fourth quarter and fiscal year 2014 financial results. Aerohive Networks Inc reported that its annual Total Revenue rose from $107.14 million in 2013 to $137.29 million in 2014 and that its respective Net Loss declined from $33.23 million to $30.55 million. Shares of Aerohive Networks Inc (NYSE:HIVE) declined to as low as $3.43 per share on February 12, 2015.
On June 26, 2015, NYSE:HIVE shares closed at $7.36 per share.
Those who purchased shares of Aerohive Networks Inc (NYSE:HIVE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com