NEW YORK, March 7, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, reminds investors that a federal class action lawsuit has been filed against Arlo Technologies, Inc. ("Arlo" or the "Company") (NYSE: ARLO) and certain of its officers and directors (collectively, "Defendants"). If you purchased Arlo securities pursuant and/or traceable to the Company's initial public offering ("IPO") in August 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information. The lead plaintiff deadline is March 25, 2019.
The complaint alleges that Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies; specifically: (i) there was a flaw and/or quality issue with Arlo's newly designed battery for its Ultra camera systems; (ii) this flaw and/or quality issue could result in a shipping delay of Arlo's Ultra product; (iii) such a shipping delay endangered Arlo's chances of launching the Ultra product in time for the crucial holiday season; (iv) such a shipping delay would allow Arlo's competitors to capitalize on the Ultra product's missed launch, thereby increasing their own market share; (v) Arlo's consumers had been experiencing battery drain issues and other battery-related issues in connection with recent firmware updates; (vi) because of the foregoing, Arlo's fourth quarter 2018 results and consumer base would be negatively impacted; and (vii) as a result, Arlo's Registration Statement was materially false and misleading at all relevant times.
On December 3, 2018, Arlo reported a delay in shipments of Ultra, citing "a quality issue with the battery from one of its suppliers" and lowered its fourth quarter 2018 guidance.
Following this news, Arlo's stock price fell $2.75 per share, or 22.86%, on December 3, 2018.
What You Can Do
If you purchased Arlo securities in or traceable to the Company's IPO, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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