Investor Alert: Kaplan Fox Announces Investigation Of Arlo Technologies, Inc.
NEW YORK, Feb. 11, 2019
NEW YORK, Feb. 11, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Arlo Technologies, Inc. ("Arlo" or the "Company") (NYSE: ARLO), a company that provides smart connected devices, such as security cameras. A complaint has been filed against the Company and certain executives in the United States District Court for the Northern District of California on behalf of investors who purchased Arlo common stock pursuant or traceable to Arlo's August 2018 initial public offering (the "IPO").
On or about August 3, 2018, Arlo completed its IPO, selling over 11 million shares of common stock at $16 per share.
On December 3, 2018, Arlo reported a delay in shipments of the Arlo Ultra, its new wire-free security camera, citing "a quality issue with the battery from one of its suppliers." The Company also represented that as a result of the delay the Company was lowering its fourth quarter revenue guidance to be in the range of $125 million to $130 million compared to its prior guidance of $140 million to $155 million. Following this news, Arlo's stock price fell $2.75 per share, or nearly 23%, to close at $9.28 per share on December 3, 2018.
On February 5, 2019, after the market closed, Arlo reported its fourth quarter and full year 2018 results. Among other things, Arlo's Chief Executive Officer stated that "[the Company] saw the market growth slow significantly late in 2018 which led to channel inventory buildup and both of these factors will affect our growth expectations for 2019." During the conference call that followed, Arlo's Chief Financial Officer said that the excess inventory in the channel is "a mix of all of our products." Following this news, Arlo's shares plummeted on February 6, 2019 by $3.71 per share, about 49%, to close at $3.86 per share.
If you are a member of the proposed Class, you may move the court no later than March 25, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP
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