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AVYA.US
id: 546, Created by Stan Vick Chase, Scout

Join Avaya Mismanagement Case and return your losses

On January 12, 2023, Bloomberg reported that Avaya Holdings Corp. has held talks with lenders over a plan that could hand them control of the company as part of a bankruptcy filing.
  • Earlier on December 16, 2022, the Wall Street Journal reported that Avaya “is nearing a chapter 11 bankruptcy filing,” citing people familiar with the matter. On this news, Avaya’s stock price plunged 54%.
  • On August 9, 2022, the Company released disappointing preliminary Q3 2022 results and disclosed that there is “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee is investigating a whistleblower letter and its recent earnings report. On this news, Avaya’s stock fell 45.5%.
  • 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. Following this news, the stock plunged by 48%, seriously damaging investors. This dramatic change of financial representation happened just 1 month after Avaya announced $600 million in aggregate financing commitments.
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.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Price manipulation
Insider Trading
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Shareholder
Influencer
Investment Bank
Service Provider
Research Entity
Hedge Fund
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 November 2022
Case number
23-CV-01258
Filing date
03 January 2023
Class period Start
03 October 2019
Class period End
29 November 2022
Lead Plaintiff Deadline
06 March 2023
Court
Southern District of New York
Judge
Hon. Catherine C. Eagles
Collecting participants…
Created by Stan Vick Chase, Scout

Case history

Stan Vick
10 May 2023
Status: Waiting for Lead Plaintiff Appointment
Case №: 23-CV-01258
Court: Southern District of New York
Judge: Hon. Catherine C. Eagles
Description: The case is in the court of the Southern District of New York. Eight Lead Plaintiff applications have been submitted to the court. The next milestone is the judge appoints Lead Plaintiff who will represent the Class.

Avaya Holdings Corp

Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions, and services for businesses worldwide. The company operates in two segments, Products & Solution...

    Ticker
    AVYA.US
    ISIN
    US05351X1019
    CIK
    1418100
    Sector
    Technology
    Industry
    Software-Application
    Country
    USA
    Address
    2605 Meridian Parkway, Durham, NC, United States, 27713