Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Cambium Networks Corporation (CMBM)
/EIN News/ -- NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons and entities who purchased securities of Cambium Networks Corporation (“Cambium” or the “Company”) (NASDAQ: CMBM) between February 3, 2022 and February 13, 2024, inclusive (the “Class Period”).
The Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) that there was a buildup of inventory in the Company’s distribution channels; (ii) that the Company and its distributors were reasonably likely to offer aggressive discounts to reduce the high channel inventories; (iii) that the Company’s revenue would decline sequentially until the excess channel inventory was sold through; (iv) that Cambium was likely to incur significant charges to write-down excess and obsolete inventory; (v) that, as a result of the foregoing, the Company’s fiscal 2023 revenue and earnings would be adversely affected; and (vi) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares of Cambium should contact the Firm prior to the July 22, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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