A10 Networks, Inc. (ATEN) Accused of Misrepresenting its Financial Condition
According to the complaint, A10 Networks, Inc. (ATEN) consistently reported record revenue that exceeded the company’s guidance and led investors to believe that its internal control over financial reporting was effective. It came as a surprise when A10 announced on January 16, 2018, that it expected total revenue in 4Q 2017 to be between $55 and $56 million, below its prior guidance of $64 million to $67 million. A10 attributed the disappointing results to a shortfall in sales and low demand. In addition, on January 30, 2018, A10 revealed that its Audit Committee was investigating the company’s revenue recognition practices for 4Q 2015 through 4Q 2017 because an employee had violated the company’s Insider Trading Policy and Code of Conduct. Since news of A10’s financial condition became widely known, its stock has fallen over 16% to close at $6.13 per share on January 31, 2018.
A10 Networks, Inc. (ATEN) Shareholders Have Legal Options
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