Lawsuit filed for Investors in shares of Citrix Systems, Inc. (NASDAQ: CTXS) over alleged Violations of Securities Laws
A lawsuit was filed on behalf of investors in Citrix Systems, Inc. (NASDAQ: CTXS) shares over alleged securities laws violations.
Investors who purchased shares of Citrix Systems, Inc. (NASDAQ: CTXS) have certain options and for certain investors are short and strict deadlines running. Deadline: January 18, 2022. NASDAQ: CTXS investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Fort Lauderdale, FL based Citrix Systems, Inc., an enterprise software company, provides workspace, app delivery and security, and professional services worldwide.
In 2019, Citrix Systems, Inc. began a two-pronged transition of its business model. First, the Company began to transfer its software platform from the on-premise model to a cloud-based model. In the cloud model, Citrix Systems, Inc. hosts its software on servers owned and maintained by Citrix Systems, Inc., rather than on customers' servers. Second, Citrix transitioned to a subscription-based payment system: instead of paying once per user for a license, Citrix Systems, Inc's subscription model required customers to pay a yearly subscription cost.
Then, on April 29, 2021, Citrix Systems, Inc. announced lower than expected license conversions of 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.
Then, on July 29, 2021, Citrix Systems, Inc. announced that the transition to cloud was not as successful as the Company had led investors to believe. Further, Citrix announced a major restructuring of its sales leadership in order to "enhance their focus on" cloud migration. According to the Company, these changes were "significant and may cause short-term disruption before yielding tangible results."
On October 6, 2021, Citrix Systems, Inc. announced that David Henshall had stepped down as President and CEO of Citrix.
Shares of Citrix Systems, Inc. (NASDAQ: CTXS) declined from $143.98 per share on April 7, 2021, to $78.72 per share on December 01, 2021.
The plaintiff claims that between January 22, 2020 and October 6, 2021, the Defendants repeatedly, falsely assured investors that the transition from on-premise to the cloud product was going smoothly. In addition, in response to the COVID-19 pandemic and the shift to remote work, Citrix created a shorter duration, on-premise subscription license (the "Business Continuity Licenses") that the Company offered at a discounted rate, and which Defendants claimed would transition to cloud accounts after the one-year license expired, and that as a result of Defendants' misrepresentations, Citrix common stock traded at artificially inflated prices between January 22, 2020 and October 6, 2021.
Those who purchased shares of Citrix Systems, Inc. (NASDAQ: CTXS) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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