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Aerohive Networks, Inc.

Company NameAerohive Networks, Inc.
Stock SymbolHIVE
Class PeriodNovember 01, 2017 to January 16, 2018
Lead Plaintiff Motion DeadlineMarch 20, 2018

On November 1, 2017, Aerohive’s CFO, John Ritchie, stated that the Company was expecting Q4 revenue in the range of $40 million to $42 million, and that Aerohive realized “significant sales efficiency” with non-GAAP sales and marketing costs.

Then, on January 16, 2018, Aerohive announced that it expected net revenue of only $37 million for Q4 due to “underlying sales execution issues.” On this news, Aerohive’s share price fell $1.63 per share or more than 29%, to close at $4.07 on January 17, 2018, thereby injuring investors.

The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were underlying sales execution issues that were uncovered at the end of the third quarter of 2017; (2) consequently, Aerohive’s revenue guidance for the fourth quarter of 2017 was overstated; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times. 

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