Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Lantronix, Inc. (NASDAQ: LTRX) investors that a lawsuit was filed on behalf of investors that purchased Lantronix securities between May 11, 2023 and February 8, 2024, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit alleges that Lantronix made several false and/or misleading statements and failed to disclose important information, specifically that: (1) the company significantly overestimated the demand and/or its understanding of the demand for its Internet of Things (IoT) products; (2) Lantronix’s clients were reducing their high inventory levels of IoT products, leading to an overall slowdown in the company's business; (3) expected revenue from embedded IoT solutions, anticipated from a significant customer design win, was postponed to the following fiscal year; (4) as a consequence of these issues, Lantronix was projecting lower sales for its embedded IoT solutions in fiscal year 2024; (5) as a result, it was improbable that Lantronix would meet its own financial forecasts for fiscal year 2024; and (6) therefore, Lantronix’s public statements were materially false and/or misleading at all relevant times. The lawsuit further claims that when the true details were disclosed to the market, investors suffered financial losses.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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