Avaya Holdings Corp.
|Company Name||Avaya Holdings Corp.|
On August 9, 2022, Avaya released its preliminary third quarter 2022 financial results, reporting sales of $577 million, down 20% year-over-year in constant currency. The Company provided no explanation for the earnings miss, but disclosed that there is “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee is investigating a whistleblower letter and its recent earnings report. As an article by The Wall Street Journal pointed out, Avaya missed earnings and cut its earnings forecast by 60% just weeks after borrowing $600 million from institutional investors in June.
On this news, Avaya’s stock fell $0.51, or 45.5%, to close at $0.61 per share on August 9, 2022, thereby injuring investors.
Submit Your Information
If you suffered a loss on your Avaya Holdings Corp. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.