Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Citrix Systems, Inc. (CTXS) on Behalf of Investors
In 2019, Citrix deployed a transition of its customers from an on-premise, per-user license to a cloud-based, subscription model.
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announces that it has commenced an investigation of potential claims against the board of directors of Citrix Systems, Inc. (“Citrix” or the “Company”) (NASDAQ: CTXS) concerning whether the board of directors breached its fiduciary duties to Citrix shareholders.
If you still hold Citrix shares purchased before January 2020 and wish to discuss this matter with us, or have any questions concerning your rights and interests, you can submit your contact information at www.glancylaw.com/cases/citrix-systems-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
In 2019, Citrix deployed a transition of its customers from an on-premise, per-user license to a cloud-based, subscription model. As customers heavily relied on secure remote access amid the COVID-19 pandemic, the Company offered a special on-premise license to “help [its] customers with their immediate business needs” at a discounted rate, expecting customers to transition to cloud accounts after the one-year term expired. Throughout 2020, Citrix claimed the transition was accelerating.
However, on April 29, 2021, Citrix announced that many customers moved on to another short-term on-premise license, citing the COVID-19 pandemic. On this news, Citrix’s stock fell $10.49, or 7.6%, to close at $128.02 per share on April 29, 2021, thereby injuring investors.
Then, on July 29, 2021, Citrix reported that the transition to cloud was not as successful as the Company had led investors to believe. Citric announced a major restructuring of its sales leadership, warning that the changes were “significant and may cause short-term disruption before yielding tangible results.” On this news, Citrix’s stock fell $15.55, or 13.6%, to close at $99.00 per share on July 29, 2021, injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding Citrix should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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