The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Citrix Systems, Inc. (CTXS) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Citrix (News - Alert) 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.
If you are a shareholder who suffered a loss, click here to participate.
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 $12.02 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 during the Class Period, you may move the Court no later than January 18, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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