Aviat Networks (AVNW) Delays Annual Report, Stock Tumbles - Hagens Berman
SAN FRANCISCO, Sept. 30, 2024 (GLOBE NEWSWIRE) -- The price of Aviat Networks, Inc. (NASDAQ: AVNW) tumbled as much as $6.36 (-26%) during intraday trading on Sept. 12, 2024 after the company announced it would not timely file its financial statements for its fiscal year-ended June 28, 2024.
Hagens Berman urges Aviat Networks, Inc. (AVNW) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
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Investigation Into Aviat Networks, Inc. (AVNW):
The investigation focuses on the propriety of Aviat’s past assurances that its financial statements were prepared in conformity with applicable accounting rules and that its internal controls over financial reporting were sufficient.
The company’s assurances may have begun to come under question when, on May 28, 2024, it abruptly announced the replacement of its then-Chief Financial Officer, just one month before its fiscal year end.
After the market closed on Sept. 11, 2024, Aviat said: (i) it “requires additional time to finalize its assessment of internal control over financial reporting[;]” (ii) “[m]anagement has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting[;]” and (iii) it “identified certain errors impacting previously reported financial information for the fiscal years 2024 and 2023.”
In addition, Aviat held open the possibility that “revision or restatement of prior periods is required.”
“We are looking into whether Aviat may have misled investors about its financial reporting and related controls,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Aviat Networks and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Aviat Networks investigation, read more»
Whistleblowers: Persons with non-public information regarding Aviat Networks should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AVNW@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
