The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Arlo Technologies, Inc. (NYSE:ARLO) shares pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s August 3, 2018 Initial Public Offering.
The complaint alleges that the Registration Statement issued in connection with the IPO contained materially false and/or misleading statements and/or failed to disclose material information, including that: (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 with the Ultra battery 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.
If you purchased Arlo securities pursuant to the Registration Statement you have until March 25, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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