LOS ANGELES, Feb. 27, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Arlo Technologies, Inc. (“Arlo” or “the Company”) (NYSE: ARLO) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares pursuant or traceable to Arlo’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with Arlo’s August 3, 2018 Initial Public Offering (“IPO”), are encouraged to contact the firm before March 25, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Arlo’s new battery for the Company’s Ultra camera systems suffered from flaws and quality issues. These problems resulted in a shipping delay in the Ultra cameras. The delays endangered Arlo’s product from reaching the market for the holiday season, and allowed competitors to capitalize on the issue, gaining market share from the Company. At the same time, Arlo’s customers experienced problems with the product including excessive battery drain. The battery issues were likely to negatively impact the fourth quarter 2018 financial results. Based on these facts, the Company’s Registration Statement was false and materially misleading. When the market learned the truth about Arlo, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
Sherin Mahdavian, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com
SOURCE:
The Schall Law Firm