San Diego, CA -- (SBWire) -- 01/18/2023 --An investor, who purchased shares of Avaya Holdings Corp. (NYSE: AVYA), filed a lawsuit over alleged violations of Federal Securities Laws by Avaya Holdings Corp.
Investors who purchased shares of Avaya Holdings Corp. (NYSE: AVYA) have certain options and for certain investors are short and strict deadlines running. Deadline: March 6, 2023. NYSE: AVYA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Durham, NC based Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions, and services for businesses worldwide. On August 9, 2022, Avaya Holdings Corp. released its preliminary third quarter 2022 financial results, reporting sales of $577 million, down 20% year-over-year in constant currency. Avaya Holdings Corp. 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 Holdings Corp. missed earnings and cut its earnings forecast by 60% just weeks after borrowing $600 million from institutional investors in June.
Then, on December 16, 2022, The Wall Street Journal exclusively reported that Avaya "is nearing a chapter 11 bankruptcy filing," citing people familiar with the matter.
Shares of Avaya Holdings Corp. (NYSE: AVYA) declined to $0.121 per share on December 19, 2022.
The plaintiff claims that between November 22, 2021 and November 29, 2022 the defendants made false and/or misleading statements and/or failed to disclose that the Company's internal control over financial reporting ("ICFR") was deficient in several areas, that as a result of these deficiencies, the Company had failed to design and maintain effective controls over its whistleblower policies and its ethics and compliance program, that the Company's deteriorating financial condition was likely to raise substantial doubt as to its ability to continue as a going concern, and that as a result, the Company's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Avaya Holdings Corp. (NYSE: AVYA) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE:AVYA Investor Notice: Lawsuit Alleges Misleading Statements by Avaya Holdings Corp.
A lawsuit was filed on behalf of investors in Avaya Holdings Corp. (NYSE:AVYA) shares over alleged securities laws violations.