SAN FRANCISCO, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Avaya Holdings Corp. (NYSE: AVYA) investors who suffered significant losses to submit your losses now.
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Avaya Holdings Corp. (AVYA) Investigation:
The investigation focuses on Avaya’s repeated claims to have made significant progress in its business model transformation to a cloud and SaaS business model.
On June 27, 2022, Avaya announced $600 million in aggregate financing commitments, including $350 million of new Senior Secured Term Loans and $250 million of Exchangeable Senior Secured Notes. Management claimed “[t]his funding supports and accelerates our business model transformation.”
A month later, on July 28, 2022, Avaya announced its board fired CEO James M. Chirico, Jr. The company also announced disastrous preliminary Q3 2022 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but “significant” impairment charge. In addition, the company withdrew its 2022 guidance. This news sent the price of Avaya shares crashing 57% lower the next day.
Then, on Aug. 9, 2022, Avaya announced: (1) it determined there is substantial doubt about its ability to continue as a going concern; (2) it would not timely file its financial statements for the quarter ended June 30, 2022; (3) its Audit Committee commenced internal...
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