Hook v. Casa Systems, Inc., et al.

Bernstein Liebhard is co-lead counsel representing lead plaintiff, Donald Hook, in a securities class action entitled Hook v. Casa Systems, Inc., et al. No. 65448/2019 (N.Y. Sup. Ct.) alleging violations of Section 11 and Section 15 of the Securities Act of 1933.  Plaintiff alleged that defendants (Casa Systems, certain executive officers, and underwriters of its initial public offering) issued false and misleading statements concerning the company’s growth prospects for Casa’s cable products in the company’s offering prospectus.  At the end of the Class Period, defendants revealed that the company was revising its guidance downward because the company was actually in in a “digestion phase” of Casa’s existing product cycle and that its large scale cable customers would be delaying upgrades to new products.  An amended complaint was filed on November 22, 2019.  The action is pending.