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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cambium Networks Corporation (CMBM)

By: via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 22, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cambium Networks Corporation (“Cambium” or the “Company”) (NASDAQ: CMBM) securities between May 8, 2023 and January 18, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On August 1, 2023, after the market closed, Cambium reported that second quarter 2023 revenue fell 23% sequentially due to “higher channel inventories” that resulted in “lower demand for Enterprise products.” As a result, the Company reduced its fiscal 2023 guidance, now expecting revenue to decline 7% to 11% year-over-year. The Company also announced that the Company’s Chief Executive Officer, Atul Bhatnagar, would step down immediately.

On this news, the price of Cambium shares declined by $4.89 per share, or 30.07%, to close at $11.37 per share on August 2, 2023, on unusually heavy trading volume.

Then, on October 4, 2023, after the market closed, Cambium announced preliminary third quarter 2023 revenue “between $40.0-$45.0 million compared to the previous outlook of $62.0-$70.0 million[.]” The Company attributed the shortfall to, in part, “a decrease in orders and an increase in stock rotations from distributors in the Enterprise business” and “pressure” from “channel inventories.”

On this news, the price of Cambium shares declined by $2.87 per share, or 36.2%, to close at $5.05 per share on October 5, 2023, on unusually heavy trading volume.

Then, on January 18, 2024, after the market closed, Cambium revealed that preliminary fourth quarter 2023 revenue was expected to be “approximately $40.0 million compared to the previous outlook of $45.0-$50.0[.]” The Company attributed the revenue shortfall to “offering aggressive Enterprise product discounts to clear excess channel inventories.” The Company further revealed “gross margin will also be below the low end of the range due to increased excess and obsolete inventory reserves.” Moreover, the Company’s Chief Financial Officer would depart Cambium on February 2, 2024.

On this news, the price of Cambium shares declined by $0.60 per share, or 12.40%, to close at $4.24 per share on January 19, 2024, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) that there was a buildup of inventory in the Company’s distribution channels; (2) that the Company and its distributors were reasonably likely to offer aggressive discounts to reduce the high channel inventories; (3) that the Company’s revenue would decline sequentially until the excess channel inventory was sold through; (4) that Cambium was likely to incur significant charges to writedown excess and obsolete inventory; (5) that, as a result of the foregoing, the Company’s fiscal 2023 revenue and earnings would be adversely affected; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Cambium securities during the Class Period, you may move the Court no later than July 22, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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