LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Avaya Holdings Corp. (“Avaya” or the “Company”) (NYSE: AVYA) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 9, 2022, Avaya released its preliminary third quarter 2022 financial results, reporting sales of $577 million, down 20% year-over-year in constant currency. The Company provided no explanation for the earnings miss, but disclosed that there is “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee is investigating a whistleblower letter and its recent earnings report. As an article by The Wall Street Journal pointed out, Avaya missed earnings and cut its earnings forecast by 60% just weeks after borrowing $600 million from institutional investors in June.
On this news, Avaya’s stock fell $0.51, or 45.5%, to close at $0.61 per share on August 9, 2022, thereby injuring investors.
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If you purchased Avaya securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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