IRVINE, Calif., Aug. 24, 2017 /PRNewswire/ -- Khang & Khang LLP (the "Firm") announces the filing of a securities class action lawsuit against Acacia Communications, Inc. ("Acacia" or the "Company") (Nasdaq: ACIA). Investors who purchased or otherwise acquired shares between August 11, 2016 and July 13, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the October 13, 2017 lead plaintiff motion deadline.
If you purchased Acacia shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone: (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
According to the Complaint, throughout the Class Period, Acacia made materially false and/or misleading statements, and/or failed to disclose: that its manufacturing and quality control processes were deficient; that the foregoing deficiencies were likely to disrupt the Company's manufacturing and impact its revenues; and that as a result of the above, Acacia's public statements were materially false and misleading at all relevant times.
On May 31, 2017, Acacia issued a press release and filed a Current Report on Form 8-K with the SEC, advising investors that "the Company has identified a quality issue" affecting "a portion" of several thousand modules manufactured by one of Acacia's three contract manufacturers, citing as the "root cause of this quality issue . . . a circuit board cleaning process that has since been eliminated." On July 14, 2017, Acacia issued a press release announcing the Company's preliminary financial and operating results for the quarter ended June 30, 2017. Acacia reported profit and revenue that missed estimates, and revised its current-quarter guidance downward. The Company stated that its "second-quarter results were adversely affected by the quality issue identified at one of our three contract manufacturers that we announced on May 31." When this news was announced, shares of Acacia declined in value materially, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in some jurisdictions.
Joon M. Khang, Esq.
SOURCE Khang & Khang LLP