STEVENSON, Md., May 28, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Aruba Networks, Inc. ("Aruba" or the "Company") (Nasdaq:ARUN) common stock during the period between May 17, 2012 and May 16, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Aruba Networks, Inc. common stock purchased on or after May 17, 2012, and held through any of the revelations of negative information on May 7, 2013 and/or May 16, 2013 as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 22, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was well aware of the weaknesses in Aruba's marketing abilities given the bundling advantages that Cisco Systems, Inc. ("Cisco") held over Aruba, and that Cisco's bundling practices would greatly undermine the Company's market share and overall success rate in signing contracts with clients. According to the complaint, following the Company's May 7, 2013 disclosure that it was lowering its previously stated revenue guidance, and the Company's May 16, 2013 disclosure that its net income was well below analysts' expectations and that the disappointing results were attributable to "a heightened level of competition and bundling strategy from [Cisco]," the value of Aruba shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation