Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Lantronix, Inc. (“Lantronix” or “the Company”) (NASDAQ: LTRX) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Lantronix securities between May 11, 2023 and February 8, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case.
Case Details:
The Complaint alleges that Lantronix made materially false and misleading statements and/or failed to disclose material adverse information regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges that:
(1) Lantronix overstated demand and/or its visibility into demand for its IoT products;
(2) Lantronix’s customers were reducing elevated levels of inventory of IoT products, thereby causing a general slowdown in the Company’s business;
(3) certain of Lantronix’s embedded IoT revenues expected from a customer design win were delayed to the next fiscal year;
(4) as a result of all the foregoing, Lantronix anticipated lower sales for its embedded IoT solutions for fiscal year 2024; and
(5) accordingly, Lantronix was unlikely to meet its own previously issued guidance for fiscal year 2024.
What’s Next?
A class action lawsuit has already been filed. You may review a copy of the Complaint. You may also contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660. If you suffered a loss in Lantronix you have until April 23, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
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About Bronstein, Gewirtz & Grossman, LLC
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
“Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace.”