Kaplan Fox Announces Investigation of Aerohive Networks, Inc.
NEW YORK, Jan. 22, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Aerohive Networks, Inc. ("Aerohive" or the "Company") (NYSE: HIVE) on behalf of investors who purchased Aerohive securities.
On January 16, 2018, after the close of trading, Aerohive announced its preliminary results for the fourth quarter ended December 31, 2017. Aerohive disclosed that it "expects net revenue for the fourth quarter to be approximately $37 million, which is below the Company's previously stated guidance of $40 million to $42 million".
The Company's press release further stated "[w]e delivered non-GAAP operating profitability in our fourth quarter but were disappointed that our revenue was below our prior guidance," stated David Flynn, President and Chief Executive Officer. "Following the change in our sales leadership at the end of our third quarter, we uncovered underlying sales execution issues which became fully apparent in the last month of the fourth quarter. We have taken actions to replace underperforming sales team members, and we believe that the new people we have been putting in place, combined with other actions, will enable us to capitalize on our improved product offering and exciting roadmap in 2018."
On January 17, 2018, Aerohive stock declined $1.63 per share, over 28%, on heavier than usual trading volume.
For more information about Kaplan Fox & Kilsheimer LLP or its investigation of Aerohive, you may contact jcampisi@kaplanfox.com or visit our website at www.kaplanfox.com.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this press release, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue; 14th Floor
New York, NY 10022
(212) 687-1980
(800) 290-1952
jcampisi@kaplanfox.com
www.kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP
