NEW YORK, NY / ACCESSWIRE / October 11, 2017 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Acacia Communications, Inc. ("Acacia" or the "Company") (NASDAQ: ACIA) securities and certain of its officers, on behalf of a class who purchased Acacia shares between August 11, 2016 and July 13, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/acia.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Acacia's manufacturing and quality control processes were deficient; (2) the foregoing deficiencies were likely to disrupt the Company's manufacturing, thereby impacting the Company's revenues; and (3) consequently, Acacia's public statements were materially false and misleading at all relevant times.
On May 31, 2017, Acacia announced that "the Company has identified a quality issue" impacting "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, Acacia revealed its preliminary financial and operating results for the quarter ended June 30, 2017, reporting that its profit and revenue were short of projections, and the Company revised its current-quarter guidance downward. Acacia stated 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." Following this news, Acacia stock has dropped $2.62 per share, or 6.30%, to close at $39.00 per share on July 14, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: www.bgandg.com/acia, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Acacia, you have until October 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
ReleaseID: 473349
