Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Aerohive Networks, Inc.

Oklahoma City, OK (January 23, 2018) – On January 19, 2018, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Aerohive Networks, Inc. (NYSE: HIVE). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 1, 2017 through January 16, 2018. More specifically, this litigation was filed because on November 1, 2017 during a conference call, Aerohive’s CFO, John Ritchie, stated that the Company was expecting fourth quarter revenue in the range of $40 million to $42 million, and that Aerohive realized “significant sales efficiency” with non-GAAP sales and marketing costs.

Then, on January 16, 2018, Aerohive announced that it expected net revenue of only $37 million for the fourth quarter due to “underlying sales execution issues.” On this news, Aerohive’s share price fell $1.63 per share to close at $4.07 on January 17, 2018.

Plaintiff seeks to recover damages on behalf of all Aerohive Networks, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, March 20, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.