NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Avaya Holdings Corp. (NYSE: AVYA) resulting from allegations that Avaya may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Avaya securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8033 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On August 9, 2022, The Wall Street Journal published an article entitled “Avaya Taps Legal, Financial Advisers to Look at Debt Options” and also published another article entitled “Avaya’s Collapsing Debt Deal Hits Clients of Goldman, JPMorgan”. The articles highlighted issues at Avaya Holdings, including how the company had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase. The articles also reported that Avaya provided no explanation for the dramatic earnings miss, indicated it would also miss revenue targets, and was removing its CEO. The articles further reported that the Company's audit committee opened an internal investigation regarding the most recent quarter and is also investigating a whistleblower letter.
On this news, Avaya’s stock price fell 45%, to close at $0.61 per share on August 9, 2022, on unusually heavy trading volume.
On November 30, 2022, before market hours, the Company announced that it had determined that deficiencies the management had been reviewing represent material weaknesses in the company’s internal control over financial reporting. Specifically, the Company noted deficiencies in its whistleblower log and whistleblower policy.
On this news, Avaya’s stock price fell 13%, to close at $0.96 per share on November 30, 2022, on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
