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id: 117
On June 28, 2022, Avaya announced certain Preliminary Q3 2022 fiscal financial results according to which it significantly cut revenue and EBITDA projections.
The company also informed about finalizing testing of its goodwill and intangible assets which is expected to result in significant non-cash impairment charges as of June 30, 2022.
Furthermore, Avaya informed that prior financial guidance should no longer be relied upon and management will provide additional information in conjunction with the upcoming release of its Q3 2022 financial results.
Following this news, the stock plunged by 48% on July 29, 2022.
This dramatic change of financial representation happened just 1 month after Avaya announced $600 million in aggregate financing commitments on June 27, 2022.
Taking into account all the facts and financial motivation, there is a reasonable suspicion that the rights of shareholders and lenders have been significantly violated.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Breach of Fiduciary duty
Suspected Party
Service Provider
Security Type
Trade Direction
Shock Event Date
28 July 2022
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