Robbins Arroyo LLP: Mentor Graphics Corporation (MENT) Misled Shareholders According to a Recently Filed Class Action
23 3월 2016 - 7:48AM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Mentor Graphics
Corporation (NASDAQGS: MENT) in the U.S. District Court for the
District of Oregon, Portland Division. The plaintiff brings the
complaint on behalf of all purchasers of Mentor Graphics securities
between August 21, 2014 and November 19, 2015, for alleged
violations of the Securities Exchange Act of 1934 by Mentor
Graphics' officers and directors. Mentor Graphics provides
electronic design automation software and hardware solutions to
automate the design, analysis, and testing of electro-mechanical
systems, electronic hardware, and embedded systems software.
View this information on the law firm's Shareholder Rights
Blog:www.robbinsarroyo.com/shareholders-rights-blog/mentor-graphics-corp
Mentor Graphics Accused of Misrepresenting the Company's
Financial Condition
According to the complaint, during the Class Period, Mentor
Graphics claimed to have substantial visibility into its future
financial results, including revenue and earnings per share, long
before the end of any fiscal year. In particular, the company
claimed that its long-term contracts, significant backlog of
orders, and cyclical business allowed it to make such predictions.
Mentor Graphics officials also emphasized that demand for its
emulation and other products was robust and growing, and that it
was currently leveraging that demand to sign customers to long-term
contracts. The company further assured investors that its
differentiated product offerings insulated it from competitive
pricing pressures. On August 20, 2015, Mentor Graphics reported
record financials for the second quarter of 2016, noting that
customer need for increased amounts of software drove early renewal
activity and the upside in the quarter.
The complaint alleges that Mentor Graphics' above
representations were misleading because the company failed to
disclose that its customers were delaying or declining extended
license agreements or demanding price concessions from the company.
In addition, demand for Mentor Graphics' emulation products slowed
due to the anticipated introduction of competitive products, and
early contract renewals and related bookings moved expected
bookings and revenue from future periods to earlier periods and
were not a sign that demand was strong and increasing. Between
October 9 and October 12, 2015, Mentor Graphics' Chief Executive
Officer sold 170,000 shares of Mentor Graphics stock at prices
above $25 per share for proceeds of more than $4.3 million. Then,
on November 19, 2015, Mentor issued a press release announcing
disappointing financial results for the third quarter of 2016 and
substantially reducing its fourth quarter 2016 outlook. On November
20, 2015, Mentor stock fell by $9.93 per share, or 36%, closing at
$17.85 per share.
Mentor Graphics Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160322006638/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
Mentor Graphics Corp. (NASDAQ:MENT)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Mentor Graphics Corp. (NASDAQ:MENT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024