NEW YORK, December 2, 2021 / PRNewswire / – Pomerantz LLP is investigating claims on behalf of investors from Citrix Systems, Inc. (“Citrix” or the “Company”) (NASDAQ: CTXS). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The purpose of the investigation is to determine whether Citrix and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
At April 29, 2021, Citrix announced lower-than-expected license conversions for the shorter-term on-premise licenses that Citrix began offering during the COVID-19 pandemic in response to the shift to remote working (the ‘business continuity licenses’). activity ”). Specifically, the Company explained that the business continuity licenses were not moved to long-term cloud contracts as expected. Instead, many customers “switched to another short-term on-site license,” citing the ongoing COVID-19 pandemic. Following this news, the Citrix share price fell $ 10.49 per share, or 7.6%, to close at $ 128.02 per share. Then on July 29, 2021, Citrix said despite previous assurances, the move to the cloud has not been as successful as the company had led investors to believe. Specifically, Citrix cited “the challenge associated with the company’s transition to [cloud] and the need to evolve our sales strategy to achieve more predictable results. “In addition, Citrix announced a major restructuring of its sales department in order to” improve [its] focus on ‘migration to the cloud. According to the company, these changes were “significant and may cause short-term disruption before showing tangible results.”
Following this news, the Citrix share price fell 13.6% from $ 114.55 per share at $ 99.00 per share. Finally, on October 6, 2021, following the close of markets, the Company announced the resignation of its President and Chief Executive Officer. This disclosure caused the company’s shares to fall 7.2% over the next two days, from $ 105.96 per share at $ 98.32 per share.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980
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SOURCE Pomerantz LLP