LogMeIn, Inc. (NASDAQ: LOGM)
Hagens Berman Sobol Shapiro LLP reminds investors in LogMeIn, Inc. (NASDAQ: LOGM) of the October 19, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Central District of California.
If you purchased or otherwise acquired shares of LOGM between March 1, 2017 and July 26, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing LOGM@hbsslaw.com.
On February 1, 2017, LogMeIn announced it completed its merger with Citrix Systems, Inc.’s GoTo business.
During the class period, Defendants made several statements to investors about LogMeIn’s integration of the GoTo business and their determination of product renewal rates that were “appropriate for the combined company.”
Then, on July 27, 2018, LogMeIn announced lowered revenue expectations for 2018. During the July 26, 2018 earnings conference call with analysts and investors, Defendants explained LogMeIn’s performance in the quarter did not meet expectations in part because “our combination of imperfect execution and some hangover effects of last year’s merger with the GoTo business led to disappointing renewal rates.”
This news drove the price of LogMeIn shares down $26.60, or over 25%, to close at $77.85 that day.
“We’re focused on investors’ losses and whether Defendants’ historical statements about the GoTo integration were misleading,” said Hagens Berman partner Reed Kathrein.
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