NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Acacia Communications, Inc. (“Acacia” or the “Company”) (NASDAQ:ACIA) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, and docketed under 17-cv-11504, is on behalf of a class consisting of investors who purchased or otherwise acquired Acacia securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Acacia securities between August 11, 2016, and July 13, 2017, both dates inclusive, you have until October 13, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Acacia designs, develops, manufactures, and markets communication equipment. The Company offers high-speed coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. Acacia Communications serves customers worldwide.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s manufacturing and quality control processes were deficient; (ii) the foregoing deficiencies were likely to disrupt the Company’s manufacturing, thereby impacting the Company’s revenues; and (iii) as a result of the foregoing, Acacia’s public statements were materially false and misleading at all relevant times.
On May 31, 2017, Acacia issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission, advising investors that “the Company has identified a quality issue” affecting “a portion” of several thousand modules manufactured by one of Acacia’s three contract manufacturers, citing as the “root cause of this quality issue . . . a circuit board cleaning process that has since been eliminated.”
On July 14, 2017, Acacia issued a press release announcing the Company’s preliminary financial and operating results for the quarter ended June 30, 2017. The Company reported profit and revenue that missed estimates, and revised its current-quarter guidance downward. Acacia stated that the Company’s “second-quarter results were adversely affected by the quality issue identified at one of our three contract manufacturers that we announced on May 31.”
On this news, Acacia’s share price fell $2.62, or 6.30%, to close at $39.00 per share on July 14, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
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Robert S. Willoughby
Source: Pomerantz LLP