CITRIX SHAREHOLDER ALERT: Robbins LLP Informs Investors that Citrix Systems, Inc. (CTXS) is Being Sued for Misleading Investors
Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased Citrix (News - Alert) Systems, Inc. (NASDAQ: CTXS) securities between January 22, 2020 and October 6, 2021. The complaint alleges violations of the Securities Exchange Act of 1934. Citrix is a software company that provides users with secure remote access to computer networks.
Citrix Systems, Inc. (CTXS) Misled Investors Regarding Subscriber Interest in its Cloud-Based Service
According to the complaint, in 2019, Citrix announced it would be shifting from a perpetual license model to a subscription license payment model, as well as transitioning from a software solution previously provided on-premises to a cloud-based service. During the class period, the Company claimed that the transition to a cloud-based product and to a subscription-pricing model was going smoothly and successfully.
On July 29, 2021, Citrix reported that, despite prior assurances, the transition to the cloud was not as successful as the Company had led investors to believe. Citrix also announced a major restructuring of its sales leadership in order to "enhance [its] focus on" cloud migration. These changes were "significant and may cause short-term disruption before yielding tangible results." Following these disclosures, Citrix's stock dropped from $114.55 to $99.00 per share, or 13.6%.
Finally, on October 6, 2021, Citrix announced that its president and chief executive officer had stepped down. On this news, the Company's stock dropped from $105.96 to $98.32 per share over the next two days.
If you purchased shares of Citrix Systems, Inc. (CTXS) securities between January 22, 2020 and October 6, 2021, you have until January 18, 2022, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Citrix Systems, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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