The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Acacia Communications, Inc. (NASDAQ: ACIA) who purchased shares between August 11, 2016 and July 13, 2017. The action, which was filed in the United States District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) the Company’s manufacturing and quality control processes were deficient; (ii) the foregoing deficiencies were likely to disrupt the Company’s manufacturing, thereby impacting the Company’s revenues; and (iii) as a result of the foregoing, Acacia Communications’ public statements were materially false and misleading at all relevant times. On May 31, 2017, Acacia Communications announced it had “identified a quality issue” affecting a fraction of certain units manufactured “by one of its three contract manufacturers over an approximate four month period.” Acacia Communications cited a “circuit board cleaning process” as the “root cause of this quality issue” and the process was eliminated. Then on July 14, 2017, Acacia Communications revealed its preliminary financial and operating results for the quarter ended June 30, 2017, reporting that the “second quarter results were adversely affected by” the previously announced quality issue. The Company also said it “experienced supply constraints” and lowered its guidance for the quarter.
Shareholders have until October 13, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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