Goodwin Wins Dismissal of Putative Securities Class Action for Citrix Systems, Inc.; Second Circuit Rules That Shareholders Can Sue for Environmental Impact “Omissions”; Massachusetts Court Dismisses 10(b) Claims Against Majority of Defendants in Shareholder Class Action; AmerisourceBergen Wins Dismissal of Opioid Derivative Suit
In an opinion entered in the case on January 3, 2023, U.S. District Judge Raag Singhal of the Southern District of Florida dismissed with prejudice a putative securities class action complaint against Citrix Systems, Inc. ("Citrix") and certain of its officers in a case concerning the company's business model transformation. Plaintiffs brought suit in response to a decline in the company's stock price, alleging that Citrix and its officers made false and misleading statements about the company's transition from selling on-premise perpetual licenses to selling cloud-based subscription services. Specifically, Plaintiffs challenged public statements made in 2020 and early 2021 regarding this transition, which preceded the company's 2021 disclosures of financial results, including missed earnings-per-share targets and revenue projections. Plaintiffs alleged that Citrix and its officers falsely assured investors that the transition was proceeding to plan when, in fact, the transition was beset by myriad problems, including weakened relationships with sales partners, an inability to rapidly transfer large numbers of customers to the cloud without...
Tehran – Saba: The Iranian Foreign Ministry condemned the subversive actions taken by the rulers of Abu Dhabi against the Islamic Republic of Iran. Last night, Tasnim News Agency reported that the...