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LTRX.US
id: 1114
Lantronix (LTRX) Missed Guidance Case
C.D. California
Court8:24-cv-00385
Case number11/05/2023
Class period Start08/02/2024
Class period End04/23/2024
Lead Plaintiff motion deadline- $LTRX stockholder filed a claim vs. Lantronix for overstating demand for its IoT products and IoT solutions.
- In February, the guidance cut caused $LTRX to fall 32.5%, losing over $70.8M in shareholder value.
On February 8, 2024, Lantronix (LTRX) reported disappointing Q2’ 2024 results and lowered its full-year sales guidance.
The company stated that the change in annual guidance was due to lower expected sales as a result of two factors:
- Slowdown in company’s broad-based channel business as customers work through their inventories, and
- Revenue from an embedded compute design win in video applications pushed from fiscal 2024 into fiscal 2025.
On this news, $LTRX declined 32.5% and lost over $70.8 million of its market capitalization, seriously damaging shareholders.
Considering all the representations, investors have reasons to suspect Lantronix of overstating broad-based channel business and embedded compute design win in video applications outcomes, that led to investor losses when revealed.
The first affected investor already filed an initial claim vs. Latronix in C.D. California court.
Case Status
Voluntary Dismissed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02/09/2024
Filing date
02/23/2024
Lead Plaintiff Deadline
04/23/2024