NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims against Casa Systems, Inc. ( CASA) on behalf of Casa Systems investors. Our investigation concerns whether Casa Systems has violated the federal securities laws and/or engaged in other unlawful business practices.
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 Systems has continued to have disappointing financial results and the stock trades at just $6.59, a decline of 49% from its IPO price.
If you purchased or otherwise acquired Casa Systems shares, have information, 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 Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Casa Systems please go to https://bespc.com/casa. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com
