The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Aerohive Networks, Inc. (NYSE: HIVE) who purchased shares between November 1, 2017 and January 16, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) there were underlying sales execution issues that were uncovered at the end of the third quarter of 2017; (2) consequently, Aerohive’s revenue guidance for the fourth quarter of 2017 was overstated; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Shareholders have until March 20, 2018 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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