NEW YORK, Nov. 25, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Citrix Systems, Inc. («Citrix» or the «Company») (NASDAQ: CTXS). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Citrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 29, 2021, Citrix announced lower than expected license conversions of the shorter duration, on-premise licenses that Citrix began offering during the COVID-19 pandemic in response to the shift to remote work (the «Business Continuity Licenses»). Specifically, the Company explained that the Business Continuity Licenses did not transition to long-term cloud contracts as expected. Instead, many customers «rolled to another short-term» on-premise license, citing the ongoing COVID-19 pandemic. On this news, Citrix’s stock price fell $10.49 per share, or 7.6%, to close at $128.02 per share. Then, on July 29, 2021, Citrix reported that despite prior assurances, the transition to cloud was not as successful as the Company had led investors to believe. Specifically, Citrix cited «the challenge associated with transitioning the business to [cloud] and the need to evolve our sales strategy to deliver more predictable results.» F urther, Citrix announced a major restructuring of its sales leadership in order to «enhance [its] focus on» cloud migration. According to the Company, these changes were «significant and may cause short-term disruption before yielding tangible results.»
On this news, Citrix’s stock price fell 13.6%, from $114.55 per share to $99.00 per share. Finally, on October 6, 2021, after markets closed, the Company announced the resignation of its President and Chief Executive Officer. This disclosure caused the Company’s stock to decline 7.2% over the next two days, from $105.96 per share to $98.32 per share.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP