HENDERSONVILLE, TN / ACCESSWIRE / July 20, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that a purchaser of Casa Systems, Inc. (CASA) has filed a class action complaint against the company for alleged violations of the Securities Act of 1933 pursuant to its December 2017 initial public offering ("IPO"). Casa Systems provides customers with software-centric broadband connectivity in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa.
Casa Systems, Inc. Accused of Misleading Investors in IPO
According to the complaint, Casa Systems held its initial public offering in December 2017 offering 6,000,000 common shares at $13 per share. Its registration documents stated that new technology initiatives would allow for a compelling market opportunity and touted the fact that these initiatives would prompt Casa Systems to experience continued rapid growth. However, these documents were false and misleading as Casa Systems failed to disclose material information about the state of its customers' spending. In reality, Casa Systems knew its key customers' spending had entered a "digestion" period that mitigated their expenditures. On August 14, 2018, Casa Systems announced disappointing financial results and cut its revenue guidance for the year by $50 million. On this news, Casa Systems stock declined from $15.60 to $12.08, a drop of almost 23%. Since then, Casa System has continued to have disappointing financial results and the stock trades at just $6.59, a decline of 49% from its IPO price.
Sharehoders of Casa Systems Are Enouraged to Contact Timothy L. Miles
If you purchased Casa Systems securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number and dates of shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney from Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, and is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); Distinguished Lawyer (Lawyers of Disinction, 2019); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
SOURCE: The Law Offices of Timothy L. Miles
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