NEW YORK, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Avaya Holdings Corp. (“Avaya” or the “Company”) (NYSE: AVYA) on behalf of Avaya stockholders. Our investigation concerns whether Avaya has violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 9, 2022, The Wall Street Journal published an article entitled “Avaya Taps Legal, Financial Advisers to Look at Debt Options” and also published another article entitled “Avaya’s Collapsing Debt Deal Hits Clients of Goldman, JPMorgan”. The articles highlighted issues at Avaya Holdings, including how the company had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase. The articles also reported that Avaya provided no explanation for the dramatic earnings miss, indicated it would also miss revenue targets, and was removing its CEO. The articles further reported that the Company's audit committee opened an internal investigation regarding the most recent quarter and is also investigating a whistleblower letter.
On this news, Avaya’s stock price fell 45%, to close at $0.61 per share on August 9, 2022, on unusually heavy trading volume.
On November 30, 2022, before market hours, the Company announced that it had...
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