NEW YORK, Feb. 5, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against A10 Networks, Inc. ("A10 Networks" or the "Company") (NYSE:ATEN) and certain of its officers. The class action, filed in United States California Superior Court, Santa Clara County, is on behalf of a class consisting of all persons or entities who purchased A10 Networks securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with A10's initial public stock offering on or about March 21, 2014 (the "IPO"). 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 "Exchange Act").
If you are a shareholder who purchased A10 Networks securities during the Class Period, you have until March 30, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
A10 Networks together with its subsidiaries, provides software based application networking solutions in the United States, Japan, and internationally. Its solutions are built on an advanced core operating system platform. The company provides application delivery controllers for optimizing data center performance; carrier grade network address translation that offers address and protocol translation services for service provider networks; and a distributed denial of service threat protection system for network-wide security protection. Its solutions enable enterprises, service providers, Web giants, and government organizations to enhance, secure, and optimize the performance of their data center applications and networks.
The complaint alleges that the Registration Statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.
On November 26, 2013, A10 Networks filed with the SEC a Registration Statement on Form S-1, which would later be utilized for the IPO following several amendments in response to comments by the SEC. On March 21, 2014, the SEC declared the Registration Statement effective and A10 Networks and the underwriter defendants priced the IPO at $15 per share and filed the final Prospectus for the IPO, which forms part of the Registration Statement (collectively, the "Registration Statement"). The Company sold nine million shares in the IPO and certain "Selling Stockholders" sold another 3.845 million shares, including shares sold pursuant to the underwriters' overallotment.
October 8, 2014, the Company announced third quarter revenue of approximately $43.0 million to $43.5 million, below the company's prior guidance of $48.0 million to $50.0 million. On this news, shares of A10 Networks fell $3.35, or 42%, to close at $4.55 on October 8, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.