Extreme Networks, Inc.

Passed

Class Action Period:
July 27, 2022 - January 30, 2024

Lead Plaintiff Deadline:
October 15, 2024

Case Form

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Allegations

The filed complaint alleges that Extreme Networks, Inc. made materially false and/or misleading statements and/or failed to disclose that: (a) Extreme was suffering from adverse client demand trends as its clients had ordered more product from Extreme than needed in the wake of the COVID-19 pandemic to avoid supply shortages and because of a lack of alternative sourcing options and thereby had cannibalized their Class Period purchasing needs; (b) Extreme was increasingly offsetting these adverse organic demand trends with the fulfillment of backlog orders in a manner that materially exceeded the proportion represented to investors; (c) as a result of (a)-(b), Extreme was drawing down its backlog at a much faster rate than represented to investors; (d) as a result of (a)-(c), Extreme’s backlog was already decreasing and at a much quicker pace than defendants’ statements to investors that backlog would only “begin to shrink” in 4Q23 and it would be not until “fiscal ‘26 when it really goes back to normal”; (e) as a result of (a)-(d), Extreme’s backlog was not on track to continue increasing to $600 million; and (f) as a result of (a)-(e) above, defendants had materially misrepresented Extreme’s organic demand, revenue growth, and market share gains as the fulfillment of Extreme’s backlog masked a decline in organic demand and attendant revenues.

Eligibility

In order to be included in the lawsuit, you must have incurred a loss on shares of Extreme Networks, Inc. purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Extreme Networks, Inc. during the relevant time frame, you have until October 15, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.