Lead Plaintiff Deadline is March 25, 2019
NEW YORK, Feb. 06, 2019 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of those who acquired Arlo Technologies, Inc. (“Arlo” or the “Company”) (NYSE: ARLO) securities in connection with Arlo’s August 3, 2018 initial public offering (“IPO”).
Investors who purchased Arlo Technologies, Inc. shares and suffered losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Arlo Technologies, Inc. you may, no later than March 25, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Arlo Technologies, Inc.
## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##
The filed Complaint alleges that Arlo failed to disclose that:
- there was a flaw and/or quality issue with Arlo’s newly designed battery for its Ultra camera systems;
- this flaw and/or quality issue with the Ultra battery could result in a shipping delay of Arlo’s Ultra product;
- such a shipping delay endangered Arlo’s chances of launching the Ultra product in time for the crucial holiday season;
- such a shipping delay would allow Arlo’s competitors to capitalize on the Ultra product’s missed launch, thereby increasing their own market share;
- Arlo’s consumers had been experiencing battery drain issues and other battery-related issues in connection with recent firmware updates; and
- because of the foregoing, Arlo’s fourth quarter 2018 results and consumer base would be negatively impacted.
On December 3, 2018, the Company announced that shipments of Ultra, the Company’s new wire-free security camera system, would be delayed due to a “quality issue with the battery from one of its suppliers,” and lowered its guidance for fourth quarter 2018.
On this news, the price of Arlo shares fell $2.75, or more than 22%, to close at $9.28 on December 3, 2018.
After the close of yesterday’s trading, the Company once again dramatically lowered guidance for earnings and sales, and the stock plummeted, closing at $3.86 per share, a decline of over 49%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.