NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 6, 2023 to file lead plaintiff applications in securities class action lawsuits against Avaya Holdings Corp. (NYSE: AVYA), if they purchased the Company’s securities between October 3, 2019 and November 29, 2022, inclusive (the “Class Period”). These actions are pending in the United States District Courts for the Middle District of North Carolina and Southern District of New York.
What You May Do
If you purchased securities of Avaya and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-avya/ to learn more. If you wish to serve as a lead plaintiff in these class actions, you must petition the Court by March 6, 2023.
About the Lawsuits
Avaya and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 9, 2022, the Company disclosed that it would not timely file its 2Q22 quarterly financial report; that the Board’s Audit Committee had opened an internal investigation “to review the circumstances surrounding” the financial results reported for the most recent quarter, and another to investigate a whistleblower letter; that there was “substantial doubt about the Company’s ability to continue as a going concern”; and 3Q22 revenues that came in “substantially lower” than expected. On this news, shares of Avaya fell from $1.12 per share on August 8, 2022 to close down at $0.61 per share on August 9, 2022.
Then, on November 30, 2022, the Company disclosed that it would not timely file its fiscal year financial statements and admitted that it did not appropriately log the whistleblower’s email received by a member of its Board of Directors nor did it convey its existence to management or to its outside auditor. On this news, shares of Avaya fell 14.28% to close down at $0.96 per share on November 30, 2022.
The first-filed case is Fletcher v. Avaya Holdings Corp., et al., No. 23-cv-00003.
A subsequently-filed case expanded the class period, Jiang v. Avaya Holdings Corp., et al., No. 23-cv-1258.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163