LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising all purchasers of the securities of Aruba Networks, Inc. (“Aruba Networks” or the “Company”) (NASDAQ:ARUN) between May 17, 2012 and May 16, 2013, inclusive (the “Class Period”).
Aruba Networks provides network access solutions for mobile enterprises worldwide. The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts, including that: (1) the Company did not hold a competitive advantage over Cisco Systems, Inc. (“Cisco”); (2) the Company was aware of the weaknesses in Aruba Networks’ marketing abilities given the “bundling” advantages that Cisco held over Aruba Networks; (3) Cisco’s bundling practices would significantly undermine the Company’s market share; and (4) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On May 16, 2013, Aruba Networks issued a press release announcing that its financial results for third-quarter 2013 were well below analysts’ expectations. The Company attributed the disappointing results on “a heightened level of competition and bundling strategy from our largest competitor [Cisco].” As a result of this news, Aruba Networks stock declined $4.51 per share, or nearly 26%, on May 17, 2013.
If you are a member of the above-described Class, you may move the Court no later than July 22, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you purchased Aruba Networks shares prior to the Class Period and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
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