LOS ANGELES, Aug. 23, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Acacia Communications, Inc. ("Acacia" or the "Company") (Nasdaq: ACIA) concerning possible violations of federal securities laws between August 11, 2016 and July 13, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the October 13, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
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 disclosed 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." Upon release of this information, shares of Acacia fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC