RADNOR, Pa., Aug. 27, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP alerts investors that a securities fraud class action lawsuit has been filed against LogMeIn, Inc. (Nasdaq: LOGM) ("LogMeIn") on behalf of purchasers of LogMeIn publicly traded securities between March 1, 2017 and July 26, 2018, inclusive (the "Class Period").
Investors who purchased LogMeIn securities during the Class Period may, no later than October 19, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/logmein-inc-securities-class-action
According to the complaint, LogMeIn is a Delaware corporation, located in Goleta, California. LogMeIn provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. On February 1, 2017, LogMeIn issued a press release which "announced the completion of its previously disclosed merger with Citrix Systems, Inc.'s (NASDAQ: CTXS) GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix's GoTo family of service offerings."
The Class Period commences on March 1, 2017, when LogMeIn filed its annual report for the fiscal year ended December 31, 2016 on Form 10-K with the SEC, which provided the company's annual financial results and position.
The complaint alleges that on July 26, 2018, after market close, LogMeIn held an earnings call to report its second quarter 2018 earnings results. During the call, William R. Wagner, LogMeIn's President and Chief Executive Officer, and Edward K. Herdiech, LogMeIn's Chief Financial Officer, stated that LogMeIn implemented strategies which negatively impacted renewal rates of certain of its services, including amongst its GoTo clients.
Following this news, shares of LogMeIn fell $26.60 per share or over 25% to close at $77.85 per share on July 27, 2018.
The complaint alleges that during the Class Period, the defendants failed to disclose that: (1) LogMeIn's business practices had negatively impacted renewal rates for certain of its services; and (2) as a result, the defendants' public statements were materially false and misleading at all relevant times.
LogMeIn investors who wish to discuss this securities fraud class action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at [email protected].
LogMeIn investors may, no later than October 19, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP