Citrix Systems, Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against Citrix Systems, Inc. (CTXS); Lead Plaintiff Deadline is January 18, 2022
December 22, 2021 9:47 AM EST | Source: Berger Montague
Philadelphia, Pennsylvania--(Newsfile Corp. - December 22, 2021) - Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Citrix Systems, Inc. ("Citrix" or the "Company") (NASDAQ: CTXS) between January 22, 2020 and October 6, 2021 (the "Class Period").
If you purchased Citrix securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080, or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-citrix-systems/.
Whistleblowers: Anyone with non-public information regarding Citrix is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, 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 April 29, 2021, Citrix announced lower-than-expected license conversions and that customers were not transitioning to the long-term cloud contracts as expected. On this news, the stock price fell 7.6%. However, the Company continued to assure investors that this was a "very isolated item" and that the "transition to the cloud is progressing well."
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. Following these disclosures, Citrix's stock dropped from $114.55, or 13%, to a closing price of $99.00 per share.
Finally, on October 6, 2021, Citrix announced that its president and chief executive officer had stepped down. The Company's stock dropped from a close of $105.96 to $98.32 per share over the next two days.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108343