Cases
Gigamon Inc. (NYSE: GIMO)
Securities Class Action
Overview
Overview
- Date:
- 2/2/2017
- Company Name:
- Gigamon Inc.
- Stock Symbol:
- GIMO
- Class Period:
- FROM 10/27/2016 TO 1/17/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Northern California
NEW YORK, February 2, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who acquired Gigamon Inc. (NYSE: GIMO) securities between October 27, 2016 and January 17, 2017 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) Gigamon was suffering reduced product bookings in its North America West region; (2) several of Gigamon’s significant customers were deferring purchasing decisions into 2017; (3) Gigamon failed to properly include these trends in its financial guidance; and (4) consequently, Defendants’ statements about Gigamon’s business, operations, and prospects, including statements about its revenue guidance, were false and misleading and/or lacked a reasonable basis.
On January 17, 2017, Gigamon revealed its preliminary fourth quarter and 2016 fiscal year results. Gigamon also stated that fourth quarter revenue for the period ending December 31, 2016 would be "$84.5 million to $85 million compared to the company's prior guidance of $91 million to $93 million [announced on October 27, 2016]." Moreover, Gigamon said that "[f]ourth quarter revenue fell short primarily due to lower than expected product bookings in our North America West region, as several significant existing customer accounts deferred purchasing decisions into 2017." Following this news, Gigamon stock fell $12.65 per share, or 28.7%, to close at $31.40 per share on January 18, 2017.
If you purchased or otherwise acquired Gigamon securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) Gigamon was suffering reduced product bookings in its North America West region; (2) several of Gigamon’s significant customers were deferring purchasing decisions into 2017; (3) Gigamon failed to properly include these trends in its financial guidance; and (4) consequently, Defendants’ statements about Gigamon’s business, operations, and prospects, including statements about its revenue guidance, were false and misleading and/or lacked a reasonable basis.
On January 17, 2017, Gigamon revealed its preliminary fourth quarter and 2016 fiscal year results. Gigamon also stated that fourth quarter revenue for the period ending December 31, 2016 would be "$84.5 million to $85 million compared to the company's prior guidance of $91 million to $93 million [announced on October 27, 2016]." Moreover, Gigamon said that "[f]ourth quarter revenue fell short primarily due to lower than expected product bookings in our North America West region, as several significant existing customer accounts deferred purchasing decisions into 2017." Following this news, Gigamon stock fell $12.65 per share, or 28.7%, to close at $31.40 per share on January 18, 2017.
If you purchased or otherwise acquired Gigamon securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.