Arlo Will Pay $1.25 Million To Resolve Stock Drop Class Action

Arlo Technologies Inc. will pay a total of $1.25 million to resolve a proposed class action brought against the wireless security camera giant by purchasers of common stock who said the company made misleading statements in connection with its public offering.

Arlo was hit with the federal securities lawsuit in January 2019 after the company’s stock price fell $2.75 per share following news that there was a “quality issue” with the battery in its flagship camera, the Arlo Ultra. After the case was dismissed with leave to amend, the plaintiff refiled and moved for a settlement that could cover more ...