Press release from Business Wire
Law Firm of Wohl & Fruchter LLP Announces Investigation of Aruba Networks, Inc.
Friday, May 17, 2013
Law Firm of Wohl & Fruchter LLP Announces Investigation of Aruba Networks, Inc.14:23 EDT Friday, May 17, 2013
NEW YORK (Business Wire) -- The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Aruba Networks, Inc. (Aruba) (Nasdaq: ARUN).
On May 16, 2013, after the close of the market, Aruba announced disappointing third quarter financial results. Subsequently, Aruba hosted a conference call with analysts during which it forecast fourth quarter revenue and earnings well below estimates. Management attributed the poor 3Q results and weak 4Q forecast to new sales tactics adopted by one of Aruba's primary competitors, Cisco Systems.
Upon the above news, on May 17, 2013, ARUN shares dropped over 27% from a prior close of $17.61/share to $12.85/share by 2:00 PM EST, resulting in shareholder losses of over $542 million.
Our investigation concerns whether Aruba management violated federal securities laws by, among other things, previously concealing from investors the nature and significance of the competitive threat from Cisco and its impact on the company's business prospects.
Persons with relevant information, and ARUN shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.582.8140.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/arun.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter, 845-425-4658
Toll Free 866-582-8140