Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the SSouthern District of Florida on behalf of shareholders of Citrix Systems, Inc. who purchased shares between January 22, 2021 and October 6, 2021.
Citrix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 29, 2021, the Company disclosed that its transition to cloud-based services had not been as successful as the Company had led investors to believe, citing to “the need to evolve our sales strategy to deliver more predictable results” as well as a major restructuring of its sales leadership in order to “enhance [its] focus on” cloud migration.
On this news, shares of Citrix fell 13.6%, from $114.55 per share to $99.00 per share.
Then, on October 6, 2021, post-market, the Company disclosed that its President and Chief Executive Officer (“CEO”) had stepped down.
On this news, shares of Citrix fell 7.2% over the next two days, from $105.96 per share to $98.32 per share.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 18, 2022 to request that the court appoint them lead plaintiff.