CTXS - CITRIX DEADLINE ALERT
CITRIX DEADLINE ALERT
SecuritiesLitigation Partner James (Josh) Wilson Encourages Investors Who Suffered LossesExceeding $100,000 In Citrix To Contact Him Directly To Discuss Their Options
NEW YORK - (NewMediaWire) - December 15, 2021 - -- Faruqi & Faruqi, LLP, aleading national securities law firm, is investigating potential claims againstCitrix Systems, Inc. (“Citrix” or the “Company”) (NASDAQ: CTXS) and remindsinvestors of the January 18, 2022 deadline to seek the role of lead plaintiffin a federal securities class action that has been filed against the Company.
Ifyou suffered losses exceeding $100,000 investing in Citrix stock or optionsbetween January 22, 2020 and October 6, 2021 and would like to discuss yourlegal rights, call Faruqi& Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additionalinformation: www.faruqilaw.com/CTXS.
Thereis no cost or obligation to you.
As detailed below, the lawsuitfocuses on whether the Company and its executives violated federal securitieslaws by making false and/or misleading statements and/or failing to disclosethat throughout the Class Period, Defendants repeatedly, falsely assuredinvestors that the transition from on-premise to the cloud product was goingsmoothly. In addition, in response tothe COVID-19 pandemic and the shift to remote work, Citrix created a shorterduration, on-premise subscription license (the "Business ContinuityLicenses") that the Company offered at a discounted rate, and whichDefendants claimed would transition to cloud accounts after the one-yearlicense expired. As a result ofDefendants' misrepresentations, Citrix common stock traded at artificiallyinflated prices during the Class Period.
The truth began to emerge on April 29, 2021, when Citrix announcedlower than expected license conversions of the Business Continuity Licenses.Specifically, the Company explained that the Business Continuity Licenses didnot transition to long-term cloud contracts as expected. Instead, manycustomers “rolled to another short-term” on-premise license, citing the ongoingCOVID-19 pandemic.
These disclosures caused the Company’s stock to decline 7.6%, from$138.51 per share to $128.02 per share. However, the Company continued toassure investors that this was a “very isolated item” and that the“transition to the cloud is progressing well.”
On July 29, 2021, the Company reported that, despite prior assurances,the transition to cloud was not as successful as the Company had led investorsto believe. Specifically, Citrix cited “the challenge associatedwith transitioning the business to [cloud] and the need to evolve our salesstrategy to deliver more predictable results.” Further, Citrix announced amajor restructuring of its sales leadership in order to “enhance [its] focuson” cloud migration. According to the Company, these changes were“significant and may cause short-term disruption before yielding tangibleresults.”
These disclosures caused the Company’s stock to decline 13.6%, from$114.55 per share to $99.00 per share.
Then, on October 6, 2021, after markets closed, the Company announcedthat Defendant Henshall had stepped down as President and Chief ExecutiveOfficer (“CEO”) of Citrix.
This disclosure caused the Company’s stock to decline 7.2% over thenext two days, from $105.96 per share to $98.32 per share.
The court-appointed leadplaintiff is the investor with the largest financial interest in the reliefsought by the class who is adequate and typical of class members who directsand oversees the litigation on behalf of the putative class. Any member of theputative class may move the Court to serve as lead plaintiff through counsel oftheir choice, or may choose to do nothing and remain an absent class member. Yourability to share in any recovery is not affected by the decision to serve as alead plaintiff or not.
Faruqi & Faruqi, LLP alsoencourages anyone with information regarding Citrix’s conduct to contact thefirm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The lawfirm responsible for this advertisement is Faruqi & Faruqi, LLP(www.faruqilaw.com). Prior results do not guarantee or predict a similaroutcome with respect to any future matter. We welcome the opportunity todiscuss your particular case. All communications will be treated in aconfidential manner.
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