Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Citrix Systems, Inc. (“Citrix” or the “Company”) (NASDAQ: CTXS) common stock between January 22, 2020 and October 6, 2021, inclusive (the “Class Period”). Citrix investors have until January 18, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Citrix investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 29, 2021, before the market opened, Citrix announced that customers did not transition from shorter-duration, on-premise licenses to long-term cloud accounts as expected. Instead, many customers moved on to another short-term on-premise license, citing the COVID-19 pandemic.
On this news, Citrix’s stock fell $10.49, or 7.6%, to close at $128.02 per share on April 29, 2021, thereby injuring investors.
Then, on July 29, 2021, Citrix reported that the transition to cloud was not as successful as the Company had led investors to believe. Citrix announced a major restructuring of its sales leadership, warning that the changes were “significant and may cause short-term disruption before yielding tangible results.”
On this news, Citrix’s stock fell $15.55, or 13.6%, to close at $99.00 per share on July 29, 2021, injuring investors further.
Then, On October 6, 2021, Citrix announced that its President and CEO had resigned.
On this news, Citrix stock fell $7.64, or 7.2% over the next two consecutive trading sessions to close at $98.32 per share on October 8, 2021, thereby injuring investors further.
The complaint filed alleges that, throughout the Class Period, the defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the cloud product was substantially similar to the on-premise offering; and (ii) that the Company was experiencing significant challenges transitioning customers from on-premise to the cloud.
If you purchased Citrix securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005031/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
