The Shareholders Foundation announces that investigation on behalf of investors of Aruba Networks, Inc. (NASDAQ:ARUN) shares is ongoing over potential breaches of fiduciary duties by certain of its directors and officers of Aruba Networks, Inc. that caused damage to the company and NASDAQ:ARUN stockholders
Investors who purchased shares of Aruba Networks, Inc. (NASDAQ:ARUN) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain statements regarding Aruba Networks’ business, its prospects and its operations were materially false and misleading at the time they were made.
Aruba Networks, Inc. currently faces a lawsuit over alleged securities laws violations. The plaintiff alleges that Aruba Networks, Inc. between May 17, 2012 and May 16, 2013 violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Aruba Networks, Inc. did not hold a competitive advantage over Cisco Systems, Inc. , that Aruba Networks, Inc. was well aware of the weaknesses in its marketing abilities given the “bundling” advantages that Cisco Systems, Inc. held over Aruba, that Cisco Systems’ bundling practices would greatly undermine Aruba Networks’ market share and overall success rate in signing contracts with clients, and that as a result of the above, Aruba Networks’ financial statements were materially false and misleading at all relevant times.
On May 7, 2013, Aruba Networks, Inc. announced its preliminary fiscal third quarter 2013 results and lowered its previously stated revenue guidance. Shares of Aruba Networks, Inc. declined from $22.10 per share on May 6, 2013, to $16.78 per share on May 7, 2013.
NASDAQ:ARUN shares declined from almost $26 per share in April to almost $13 per share in May 2013.
Those who purchased shares of Aruba Networks, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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