SAN DIEGO, May 26, 2024 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Cambium Networks Corporation (NASDAQ: CMBM) securities between May 8. 2023 and January 18, 2024, both dates inclusive (the “Class Period”), have until July 22, 2024 to seek appointment as lead plaintiff of the Cambium Networks class action lawsuit. Captioned Hamby v. Cambium Networks Corporation, No. 24-cv-04240 (N.D. Ill.), the Cambium Networks class action lawsuit charges Cambium Networks and certain of Cambium Networks’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Cambium Networks class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-cambium-networks-corporation-class-action-lawsuit-cmbm.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Cambium Networks class action lawsuit must be filed with the court no later than July 22, 2024.
CASE ALLEGATIONS: Cambium Networks engages in the design, development, and manufacture of wireless broadband and Wi-Fi networking infrastructure solutions.
The Cambium Networks class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) there was a buildup of inventory in Cambium Networks’ distribution channels; (ii) Cambium Networks and its distributors were reasonably likely to offer aggressive discounts to reduce the high channel inventories; (iii) Cambium Networks’ revenue would decline sequentially until the excess channel inventory was sold through; (iv) Cambium Networks was likely to incur significant charges to writedown excess and obsolete inventory; and (v) as a result, Cambium Networks’ fiscal year 2023 revenue and earnings would be adversely affected.
The Cambium Networks class action lawsuit further alleges that on August 1, 2023, Cambium Networks reported that second quarter 2023 revenue fell 23% quarter-over-quarter due to “higher channel inventories” that resulted in “lower demand for Enterprise products.” On this news, the price of Cambium Networks stock fell more than 30%, according to the complaint.
The Cambium Networks class action lawsuit further alleges that on October 4, 2023, Cambium Networks revealed that third quarter revenue would significantly miss the prior outlook and suspended its full year 2023 outlook due to high channel inventories. On this news, the price of Cambium Networks stock fell more than 36%, according to the complaint.
Finally, the Cambium Networks class action lawsuit alleges that on January 18, 2024, Cambium Networks revealed that for fourth quarter 2023, it “expects revenues of approximately $40.0 million compared to the previous outlook of $45.0-$50.0 million provided on Nov. 2, 2023,” reflecting “aggressive Enterprise discounts to clear excess channel inventories.” On this news, the price of Cambium Networks stock fell more than 12%, according to the Cambium Networks class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Cambium Networks securities during the Class Period to seek appointment as lead plaintiff in the Cambium Networks class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Cambium Networks class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Cambium Networks class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Cambium Networks class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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