LTRX - LANTRONIX ALERT: Bragar Eagel & Squire P.C. is Investigating Lantronix Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Lantronix, Inc. (NASDAQ:LTRX) on behalf of long-term stockholders following a class action complaint that was filed against Lantronix on February 23, 2024 with a Class Period from May 11, 2023 to February 8, 2024. Our investigation concerns whether the board of directors of Lantronix have breached their fiduciary duties to the company.
Lantronix is a global industrial and enterprise internet of things ("IoT") provider of solutions that purportedly target high growth applications in specific verticals such as smart grids, intelligent transportation, smart cities, and artificial intelligence data centers. The Company organizes its products and solutions into three product lines: (i) Embedded IoT Solutions, (ii) IoT System Solutions, and (iii) Software & Services. The Company's sales channels are comprised of distributors, resellers, and direct sales to larger original equipment manufacturers and end users, as well as through its ecommerce site.
In May 2023, Lantronix forecasted that it would achieve revenue in a range of $175 million to $185 million, as well as non-GAAP earnings-per-share ("EPS") in a range of $0.50 to $0.60 per share, for its fiscal year 2024 results. Defendants repeatedly assured investors and analysts throughout the Class Period that this guidance for fiscal year 2024 remained unchanged, despite ...