Tue, 05 Dec 2023

Lead Plaintiff Deadline is March 6, 2023

NEW YORK, NY / ACCESSWIRE / January 20, 2023 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Middle District of North Carolina on behalf of those who acquired Avaya Holdings Corp. ('Avaya' or the 'Company') (NYSE:AVYA) securities between November 22, 2021 through November29, 2022 (the 'Class Period'), inclusive.

All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than March 6, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.


Avaya operates as a holding company and, through its subsidiaries, provides business collaboration and communications software solutions.

On July 28, 2022, Avaya announced the termination of its Chief Executive Officer James M. Chirico, Jr. The Company also announced preliminary Q3 2022 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but 'significant' impairment charge. In addition, Avaya withdrew its 2022 guidance. On this news, the price of Avaya shares declined by $1.19 per share, or approximately 57%, from $2.09 per share to close at $0.90 on July 29, 2022.

On August 9, 2022, Avaya announced that:

  • it determined there was substantial doubt about its ability to continue as a going concern;
  • it would not timely file its financial statements for the quarter ended June 30, 2022;
  • its Audit Committee commenced internal investigations into circumstances surrounding the Company's financial results for the quarter; and
  • the Audit Committee also commenced an investigation into matters raised by a whistleblower.

On this news, the price of Avaya shares declined by $0.51 per share, or approximately 45.53%, from $1.12 per share to close at $0.61 on August 9, 2022.

On November 30, 2022, Avaya disclosed in a Current Report filed on Form 8-K with the SEC that 'control deficiencies [] management had been reviewing represent material weaknesses in the Company's internal control over financial reporting' and that 'management's assessment of ICFR included in Item 9A of the Company's Annual Report on Form 10-K for its fiscal year 2021 endedSeptember 30, 2021, filed with the [SEC] on November 22, 2021 [] should no longer be relied upon.'

The Form 8-K also stated that the Company 'did not design and maintain effective controls related to the information and communication component of the Committee of Sponsoring Organizations of the Treadway Commission framework, did not design and maintain effective controls to ensure appropriate communication between certain functions within the Company, and did not design and maintain effective controls over the ethics and compliance program.'

On this news, the price of Avaya shares declined by $0.15 per share, or approximately 13.75%, from $1.12 per share to close at $0.97 on November 30, 2022.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP

View source version on accesswire.com:

Sign up for San Diego News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!