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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Avaya Holdings Corp. Investors: Please contact the Portnoy Law Firm to recover your losses; Last days to actively participate in the case; March 6, 2023

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
January 5, 2023 GMT

LOS ANGELES, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm  advises Avaya Holdings Corp. (“Avaya” or the “Company”) (NYSE: AVYA) investors that a class action has been filed on behalf of investors.

Abbott investors with losses on their investment are encouraged to  contact  Lesley Portnoy, Esq.

Please contact attorney  Lesley F. Portnoy, by phone 844-767-8529 or  email: lesley@portnoylaw.com, to discuss their legal rights, or  click here  to join the case via  www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On July 28, 2022, Avaya announced the termination of its Chief Executive Officer. The Company also announced that preliminary financial results for its third quarter 2022 fell below previously given guidance and withdrew its fiscal 2022 guidance.

On this news, Avaya’s stock price fell $1.19, or 57%, to close at $0.90 per share on July 29, 2022, thereby injuring investors.

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Then on August 9, 2022, Avaya disclosed that there was “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee was investigating a whistleblower letter as well as the circumstances surrounding its recent earnings report. Avaya also stated that it would not timely file its financial statements for the quarter ended June 30, 2022.

On this news, Avaya’s stock price fell $0.51, or 45.5%, to close at $0.61 per share on August 9, 2022, thereby injuring investors further.

Then, on November 20, 2022, Avaya disclosed that there were material weaknesses in its internal control over financial reporting. Specifically, the Company did not maintain effective controls to ensure effective communication between certain functions and did not maintain effective controls over the ethics and compliance program.

On this news, Avaya’s stock price fell $0.16, or 14.3%, to close at $0.96 per share on November 30, 2022.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s internal control over financial reporting (“ICFR”) was deficient in several areas; (2) as a result of these deficiencies, the Company had failed to design and maintain effective controls over its whistleblower policies and its ethics and compliance program; (3) the Company’s deteriorating financial condition was likely to raise substantial doubt as to its ability to continue as a going concern; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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Please visit our  website  to review more information and submit your transaction information.

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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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