LogMeIn investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, LogMeIn is a Delaware corporation, located in Goleta, California. LogMeIn provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. On February 1, 2017, LogMeIn issued a press release which “announced the completion of its previously disclosed merger with Citrix Systems, Inc.’s (NASDAQ: CTXS) GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings.”
The Class Period commences on March 1, 2017, when LogMeIn filed its annual report for the fiscal year ended December 31, 2016 on Form 10-K with the SEC, which provided the company’s annual financial results and position.
The complaint alleges that on July 26, 2018, after market close, LogMeIn held an earnings call to report its second quarter 2018 earnings results. During the call, William R. Wagner, LogMeIn’s President and Chief Executive Officer, and Edward K. Herdiech, LogMeIn’s Chief Financial Officer, stated that LogMeIn implemented strategies which negatively impacted renewal rates of certain of its services, including amongst its GoTo clients.
Following this news, shares of LogMeIn fell $26.60 per share or over 25% to close at $77.85 per share on July 27, 2018.
The complaint alleges that during the Class Period, the defendants failed to disclose that: (1) LogMeIn’s business practices had negatively impacted renewal rates for certain of its services; and (2) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than October 19, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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