ACCESSWIRE
20 Jan 2023, 23:43 GMT+10
Lead Plaintiff Deadline is March 6, 2023
NEW YORK, NY / ACCESSWIRE / January 20, 2023 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Middle District of North Carolina on behalf of those who acquired Avaya Holdings Corp. ('Avaya' or the 'Company') (NYSE:AVYA) securities between November 22, 2021 through November29, 2022 (the 'Class Period'), inclusive.
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than March 6, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
PLEASE CLICK HERE TO JOIN THE CASE
Avaya operates as a holding company and, through its subsidiaries, provides business collaboration and communications software solutions.
On July 28, 2022, Avaya announced the termination of its Chief Executive Officer James M. Chirico, Jr. The Company also announced preliminary Q3 2022 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but 'significant' impairment charge. In addition, Avaya withdrew its 2022 guidance. On this news, the price of Avaya shares declined by $1.19 per share, or approximately 57%, from $2.09 per share to close at $0.90 on July 29, 2022.
On August 9, 2022, Avaya announced that:
On this news, the price of Avaya shares declined by $0.51 per share, or approximately 45.53%, from $1.12 per share to close at $0.61 on August 9, 2022.
On November 30, 2022, Avaya disclosed in a Current Report filed on Form 8-K with the SEC that 'control deficiencies [] management had been reviewing represent material weaknesses in the Company's internal control over financial reporting' and that 'management's assessment of ICFR included in Item 9A of the Company's Annual Report on Form 10-K for its fiscal year 2021 endedSeptember 30, 2021, filed with the [SEC] on November 22, 2021 [] should no longer be relied upon.'
The Form 8-K also stated that the Company 'did not design and maintain effective controls related to the information and communication component of the Committee of Sponsoring Organizations of the Treadway Commission framework, did not design and maintain effective controls to ensure appropriate communication between certain functions within the Company, and did not design and maintain effective controls over the ethics and compliance program.'
On this news, the price of Avaya shares declined by $0.15 per share, or approximately 13.75%, from $1.12 per share to close at $0.97 on November 30, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
CONTACT:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
Get a daily dose of Hawaii Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hawaii Telegraph.
More InformationWASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...
OTTAWA, Canada: Canadian Prime Minister Justin Trudeau's Liberal government plans to implement its long-awaited workforce transition bill, the "Just Transition," ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
HONOLULU, Hawaii: The casket bearing Abigail Kinoiki Kekaulike Kawananakoa, long considered the last Hawaiian princess, has gone on public viewing ...
ST. LOUIS, Missouri: Missouri police report that all five prisoners who escaped last week from St. Francois County Detention Center ...
NEW YORK, New York - Recession fears faded on Wall Street Thursday as annualized 4th quarter GDP (gross domestic product) ...
WASHINGTON D.C.: In December 2022, US existing home sales declined to a 12-year low, but lower mortgage rates raised cautious ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
SEATTLE, Washington: Amazon.com's cloud services division, Amazon Web Services (AWS), has announced that it will expand its data centers in ...
NEW YORK, New York - U.S. stocks crumbled on Wednesday as the extended rally on Wall Street came to an ...
DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third ...