San Diego, California--(Newsfile Corp. - March 1, 2023) - Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of Avaya Holdings Corp. securities from October 3, 2019 to November 29, 2022, inclusive (the "Class Period") and that investors have until this upcoming Monday, March 6, 2023 to seek appointment as lead plaintiff. Captioned Jiang v. Avaya Holdings Corp., No. 23-cv-01258 (S.D.N.Y.), the Avaya class action lawsuit charges certain of its top executives with violations of the Securities Exchange Act of 1934. A previously filed complaint, captioned Fletcher v. Avaya Holdings Corp., No. 23-cv-00003, is also pending in the Middle District of North Carolina.
If you suffered substantial losses and wish to serve as lead plaintiff of the Avaya class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Avaya class action lawsuit must be filed with the court no later than March 6, 2023.
CASE ALLEGATIONS: Avaya provides software products for business collaboration and contact center management. Since October 2019, Avaya has been engaged in a strategic collaboration with RingCentral, Inc., which has accelerated Avaya's transition to the cloud. The new operating system, Avaya Cloud Office by RingCentral ("ACO"), was supposed to allow Avaya to monetize its small to medium business customer base immediately while concomitantly allowing it to focus on the development of a next-generation cloud contact center.
But as the Avaya class action lawsuit alleges, defendants failed to disclose that: (i) the RingCentral partnership came with onerous requirements that were crippling Avaya's business metrics and financial prospects, including that Avaya granted RingCentral exclusive rights to certain products to its customers, meaning that Avaya had to discontinue certain of its own product offerings that had only recently begun achieving momentum, and that ACO conflicted with other Avaya product offerings, causing Avaya to have to alter those offerings, resulting in Avaya losing some important members of its executive team; (ii) the arrangement with RingCentral had exposed Avaya to losses as RingCentral paid Avaya commissions up front, which would need to be returned if Avaya later missed on sales thresholds; and (iii) Avaya had defective internal controls which prevented its senior executives from formulating accurate budgets and forecasts.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Avaya securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Avaya class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Avaya class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Avaya class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
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