Former California Deputy Attorney General and Special Prosecutor with Johnson Fistel Launches Investigation into Arlo Technologies. (ARLO); Encourages Investors to Contact the Firm for Additional Information
SAN DIEGO, Dec. 17, 2018 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP with the assistance of former California Deputy Attorney General and Special Prosecutor, Tiffany Johnson, Esq., is investigating potential claims against Arlo Technologies, Inc. (NYSE: ARLO) ("Arlo").
On or about July 3, 2018, Arlo sold 10.2 million shares of stock in its initial public stock offering (the "IPO"), at $16.00 a share raising $163,440,000 in new capital. However, since the IPO, Arlo stock has plunged, on December 17, 2018, the stock closed at $9.72.
On November 30, 2018, Arlo announced its "flagship wire-free security camera system" called Arlo Ultra ("Ultra"). The Company touted a "newly designed rechargeable battery" that would purportedly enable the Ultra product to provide 4K Ultra HD resolution with high dynamic range, color night vision, and advanced image processing. Then, on December 3, 2018, Arlo reported a delay in shipments of Ultra, citing "a quality issue with the battery from one of its suppliers" that was discovered during the product's final testing phase. Arlo also lowered its fourth-quarter 2018 financial guidance, advising investors that it anticipated "net revenue to be in the range of $125 million to $130 million, non-GAAP gross margin to be approximately 10%, and non-GAAP operating loss to be approximately 20% of revenue."
Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its July 2018 initial public stock offering (the "IPO") and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
If you have information that could assist in this investigation, or if you are an Arlo shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
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SOURCE Johnson Fistel, LLP
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