NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Avaya Holdings Corp. (“Avaya” or the “Company”) (NYSE: AVYA) on behalf of Avaya stockholders. Our investigation concerns whether Avaya has violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 9, 2022, The Wall Street Journal published an article entitled “Avaya Taps Legal, Financial Advisers to Look at Debt Options” and also published another article entitled “Avaya’s Collapsing Debt Deal Hits Clients of Goldman, JPMorgan”. The articles highlighted issues at Avaya Holdings, including how the company had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase. The articles also reported that Avaya provided no explanation for the dramatic earnings miss, indicated it would also miss revenue targets, and was removing its CEO. The articles further reported that the Company's audit committee opened an internal investigation regarding the most recent quarter and is also investigating a whistleblower letter.
On this news, Avaya’s stock price fell 45%, to close at $0.61 per share on August 9, 2022, on unusually heavy trading volume.
On November 30, 2022, before market hours, the Company announced that it had determined that deficiencies the management had been reviewing represent material weaknesses in the company’s internal control over financial reporting. Specifically, the Company noted deficiencies in its whistleblower log and whistleblower policy.
On this news, Avaya’s stock price fell 13%, to close at $0.96 per share on November 30, 2022, on unusually heavy trading volume.
If you purchased or otherwise acquired Avaya shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
