Citrix Systems, Inc.

On April 29, 2021, before the market opened, Citrix announced that customers did not transition from shorter-duration, on-premise licenses to long-term cloud accounts as  expected. Instead, many customers moved on to another short-term on-premise license, citing the COVID-19 pandemic.

On this news, Citrix’s stock fell $10.49, or 7.6%, to close at $128.02 per share on April 29, 2021, thereby injuring investors.

Then, on July 29, 2021, Citrix reported that the transition to cloud was not as successful as the Company had led investors to believe. Citric announced a major restructuring of its sales leadership, warning that the changes were “significant and may cause short-term disruption before yielding tangible results.”

On this news, Citrix’s stock fell $15.55, or 13.6%, to close at $99.00 per share on July 29, 2021, injuring investors further.

Then, On October 6, 2021, Citrix announced that its President and CEO had resigned.

On this news, Citrix stock fell $7.64, or 7.2% over the next two consecutive trading sessions to close at $98.32 per share on October 8, 2021, thereby injuring investors further.

The complaint filed alleges that, throughout the Class Period, the defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the cloud product was substantially similar to the on-premise offering; and (ii) that the Company was experiencing significant challenges transitioning customers from on-premise to the cloud.