NEW YORK, Feb. 24, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Lantronix, Inc. (“Lantronix” or the “Company”) (NASDAQ: LTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Lantronix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 8, 2024, Lantronix reported its financial results for its second quarter of fiscal 2024 and revised its full-year guidance, stating that “[t]he change in our annual guidance is primarily due to lower expected sales for our embedded IOT solutions as a result of two factors: a general slowdown in our broad-based channel business as customers work through their inventories, and an embedded compute design win in video applications that was slated for revenue in the second half of fiscal 2024 that pushed into fiscal 2025.”
On this news, Lantronix’s stock price fell $1.89 per share, or 32.53%, to close at $3.92 per share on February 9, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
