LOS ANGELES, March 04, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 23, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Lantronix, Inc. (“Lantronix” or the “Company”) (NASDAQ: LTRX) securities between May 11, 2023 and February 8, 2024, inclusive (the “Class Period”).
If you suffered a loss on your Lantronix investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Lantronix-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On February 8, 2024, Lantronix released its second quarter 2024 financial results and lowered its full-year 2024 guidance by approximately $10 million. The Company attributed the revision to “lower expected sales” as a result of “a general slowdown in [the Company’s] broad-based channel business as customers work through their inventories,” and certain revenues slated for the second half of fiscal 2024 being pushed into 2025.
On this news, Lantronix’s stock price fell $1.89, or 32.5%, to close at $3.92 per share on February 9, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Lantronix overstated demand and/or its visibility into demand for its IOT products; (2) Lantronix’s customers were reducing elevated levels of inventory of IOT products, thereby causing a general slowdown in the Company’s business; (3) certain of Lantronix’s embedded IOT revenues expected from a customer design win were delayed to the next fiscal year; (4) as a result of all the foregoing, Lantronix anticipated lower sales for its embedded IOT solutions for fiscal year 2024; (5) accordingly, Lantronix was unlikely to meet its own previously issued guidance for fiscal year 2024; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Lantronix securities during the Class Period, you may move the Court no later than April 23, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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