LOS ANGELES, CA / ACCESSWIRE / October 13, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Acacia Communications, Inc. ("Acacia" or the "Company") (ACIA) for possible violations of federal securities laws from August 11, 2016 through July 13, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired Acacia shares during the Class Period should contact the firm by October 13, 2017, the lead plaintiff motion deadline.
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No class has been certified in the above action yet, and until a class is certified, you are not considered to be represented by an attorney. You may also choose to do nothing and be an absent class member.
The Complaint alleges that during 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 would likely disrupt the Company's manufacturing and impact its revenues; and that as a result, 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, the Company issued a press release announcing that its 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 disclosed 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." When this information went public, Acacia's stock price fell materially, which harmed investors 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