NEW ORLEANS, Feb. 24, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 6, 2023 to file lead plaintiff applications in a securities class action lawsuit against Avaya Holdings Corp. (NYSE: AVYA), if they purchased the Company’s securities between November 22, 2021 and November 29, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of North Carolina.
Avaya investors should visit us at https://claimsfiler.com/cases/nyse-avya/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Avaya and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 9, 2022, the Company disclosed that it would not timely file its 2Q22 quarterly financial report; that the Board’s Audit Committee had opened an internal investigation “to review the circumstances surrounding” the financial results reported for the most recent quarter, and another to investigate a whistleblower letter; that there was “substantial doubt about the Company’s ability to continue as a going concern”; and 3Q22 revenues that came in “substantially lower” than expected. On this news, shares of Avaya fell from $1.12 per share on August 8, 2022 to close down at $0.61 per share on August 9, 2022.
Then, on November 30, 2022, the Company disclosed that it would not timely file its fiscal year financial statements and admitted that it did not appropriately log the whistleblower’s email received by a member of its Board of Directors nor did it convey its existence to management or to its outside auditor. On this news, shares of Avaya fell 14.28% to close down at $0.96 per share on November 30, 2022.
The case is Fletcher v. Avaya Holdings Corp., et al., No. 23-cv-00003.
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