Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf IronNet, Inc. Investors
NEW YORK (ClassActionDaily) The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Virginia on behalf of those who acquired IronNet, Inc. (“IronNet” or the “Company”) (NYSE: IRNT) securities from September 15, 2021, through and including December 15, 2021 (the “Class Period”). Investors have until June 21, 2022, to apply to the Court to be appointed as lead plaintiffs in the lawsuit.
IronNet designs and develops solutions for cyber-attacks. It offers IronDefense, a network traffic analysis platform that delivers scalable behavioral analysis and integrated packet-level cyber hunt to detect advanced threats, and IronDome, a collective defense solution that delivers machine-speed visibility of potential threat campaigns targeting participant industry peers.
On August 27, 2021, IronNet became a publicly-traded company via a merger (the “Merger”) with LGL Systems Acquisition Corp., a blank check company otherwise known as a special purpose acquisition vehicle (“SPAC”).
On December 15, 2021, after market close, Defendants issued a press release entitled “IronNet Reports Third Quarter Fiscal 2022 Financial Results,” in which they slashed IronNet’s FY 2022 guidance, which had been repeated shortly before the Merger vote and which was reaffirmed just months earlier. On this news, IronNet’s stock price declined by $2.14 per share, or approximately 31.47%, from $6.80 per share to close at $4.66 per share on December 16, 2021.
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly-issued FY 2022 financial guidance; and (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading.
If you purchased or otherwise acquired IronNet securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.