NEW YORK, May 26, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Cambium Networks Corporation ("Cambium" or the "Company") (NASDAQ:CMBM) in the United States District Court for the Northern District of Illinois on behalf of all persons and entities who purchased or otherwise acquired Cambium securities between May 8, 2023 and January 18, 2024, both dates inclusive (the "Class Period"). Investors have until July 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On August 1, 2023, after the market closed, Cambium reported that second quarter 2023 revenue fell 23% sequentially due to "higher channel inventories" that resulted in "lower demand for Enterprise products." As a result, the Company reduced its fiscal 2023 guidance, now expecting revenue to decline 7% to 11% year-over-year. The Company also announced that the Company's Chief Executive Officer, Atul Bhatnagar, would step down immediately.
On this news, the price of Cambium shares declined by $4.89 per share, or 30.07%, to close at $11.37 per share on August 2, 2023, on unusually heavy trading volume.
Then, on October 4, 2023, after the market closed, Cambium announced preliminary ...