Company: LogMeIn, Inc.
Class Period: March 1, 2017 — July 26, 2018
Court: U.S.D.C. – Central District of California
Deadline: October 19, 2018
A shareholder class action lawsuit has been filed against LogMeIn, Inc. (NASDAQ: LOGM) (“LogMeIn” or the “Company”) on behalf of purchasers of the Company’s securities between March 1, 2017 and July 26, 2018, inclusive (the “Class Period”).
The shareholder class action complaint alleges that defendants made materially false and misleading statements during the Class Period and failed to disclose to investors that LogMeIn’s business practices had negatively impacted renewal rates for certain of its services. The complaint further alleges that, as a result of the foregoing, investors purchased LogMeIn’s securities at artificially inflated prices during the Class Period and sustained significant investment losses.
On February 1, 2017, LogMeIn announced that it had completed its merger with the GoTo business of Citrix Systems, Inc.
On July 26, 2018, LogMeIn announced quarterly financial and operational results for the second quarter of fiscal 2018 and lowered certain financial guidance for fiscal 2018. During a subsequent conference call, management disclosed that LogMeIn’s performance during the quarter failed to meet expectations in part due to the “combination of imperfect execution and some hangover effects of last year’s merger with the GoTo business led to disappointing renewal rates.” Following this disclosure, shares of the Company’s stock declined $26.60 per share, or over 25% in value, to close on July 27, 2018 at $77.85.
IMPORTANT DEADLINE: Investors who purchased LogMeIn’s securities during the Class Period may, no later than October 19, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Investors who purchased the Company’s securities during the Class Period and suffered a financial loss are encouraged to complete the information form on this page, or to contact Kaskela Law at (888) 715 – 1740 to discuss their important legal rights and recovery options.