Cambium Networks Corp. misleadingly touted strong sales and failed to disclose an accumulating equipment inventory before the stock sank by 74% in total, an investor alleges.
Revenue setbacks and reduced financial guidance related to the inventory issues caused single-day stock drops of 30%, 36%, and 12%, the proposed class action said Wednesday in the US District Court for the Northern District of Illinois. Those selloffs include the stock’s two worst sessions since it went public, according to data compiled by Bloomberg.
In making the announcements—on Aug. 1, 2023, Oct. 4, 2023, and Jan. 18, 2024, respectively—the wireless broadband and Wi-Fi ...
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