NEW YORK, NY / ACCESSWIRE / November 26, 2021 / Bernstein Liebhard, a nationally recognized investor rights law firm, reminds investors of the deadline to file a principal applicant claim no later than January 18, 2022 in a securities class action lawsuit that was filed on behalf of investors who purchased or acquired the common shares of Citrix Systems, Inc. (“Citrix”) (NASDAQ: CTXS) between January 22, 2020 and October 6, 2021 included (the âRecourse Periodâ). The lawsuit was filed in the United States District Court for the Southern District of Florida and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Citrix common stock, and / or wish to discuss your legal rights and options, please visit Citrix Systems, Inc. shareholder class action lawsuit or contact Joe seidman free of charge at (877) 779-1414 or [email protected].
Citrix is ââa software company that provides users with secure remote access to computer networks. Historically, Citrix technology has been located “on premise”, meaning it was installed directly on computer servers owned and operated by its customers. The technology was purchased through a perpetual license model, meaning that a buyer would pay up front for lifetime access and support for each user.
In 2019, prior to the Class Period, Citrix announced that it would be moving from a perpetual license model to a subscription-based license payment model, as well as moving from a previously delivered on-premise software solution to services cloud-based.
According to the complaint, the defendants willfully or recklessly made false and misleading statements to the investing public that failed to disclose that the cloud product was substantially similar to the on-premise offering and that the company faced significant challenges in transitioning from business to business. on-site customers. to the cloud.
On April 29, 2021, Citrix announced lower-than-expected license conversions for business continuity licenses. Specifically, the Company said business continuity licenses were not moved to long-term cloud contracts as expected. Instead, many customers “switched to another short-term on-site license,” citing the ongoing COVID-19 pandemic. As a result of these disclosures, the price of Citrix common stock fell $ 10.48, or 7.6%. However, the company continued to assure investors that this was a “very isolated item” and that the “transition to the cloud is going well.”
On July 29, 2021, the Company announced that, despite previous assurances, the transition to the cloud had not been as successful as the Company had led investors to believe. Specifically, Citrix cited “the challenge associated with the company’s transition to [cloud] and the need to evolve our sales strategy to achieve more predictable results. Citrix also announced a major restructuring of its sales department in order to “improve [its] focus on “migration to the cloud. According to the company, these changes were” significant and may cause short-term disruption before producing tangible results.
Finally, on October 6, 2021, after the market closed, the Company announced that defendant David Henshall had resigned from his role as President and Chief Executive Officer (âCEOâ) of Citrix. This disclosure caused the company’s shares to drop 7.2% over the next two days, from $ 105.96 per share to $ 98.32 per share.
If you wish to act as the principal applicant, you must apply to the Court at the latest January 18, 2022. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent group member.
If you purchased or otherwise acquired Citrix common stock, and / or wish to discuss your legal rights and options please visit https://www.bernlieb.com/cases/citrixsystemsinc-ctxs-shareholder-lawsuit-class-action-fraud-stock-462/ or contact Joe seidman free of charge at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has collected over $ 3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.
LAWYER ADVERTISING. Â© 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this advertisement in the state of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matter.
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