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The Law Offices of Frank R. Cruz Continues Investigation of Avaya Holdings Corp. (AVYA) on Behalf of Investors

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 17, 2022 GMT

LOS ANGELES--(BUSINESS WIRE)--Dec 16, 2022--

The Law Offices of Frank R. Cruz continues its investigation of Avaya Holdings Corp. (“Avaya” or the “Company”) (NYSE: AVYA ) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On August 9, 2022, Avaya released its preliminary third quarter 2022 financial results, reporting sales of $577 million, down 20% year-over-year in constant currency. The Company provided no explanation for the earnings miss, but disclosed that there is “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee is investigating a whistleblower letter and its recent earnings report. As an article by The Wall Street Journal pointed out, Avaya missed earnings and cut its earnings forecast by 60% just weeks after borrowing $600 million from institutional investors in June.

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.

Then, on December 13, 2022, Avaya filed a Form 8-K with the SEC stating that it was engaging in discussions for a potential refinancing, recapitalization, reorganization, restructuring, or investment transaction.

On this news, Avaya’s stock price fell $0.469, or 40.4%, to close at $0.691 per share on December 13, 2022, thereby injuring investors further.

Then, on December 16, 2022, The Wall Street Journal exclusively reported that Avaya “is nearing a chapter 11 bankruptcy filing,” citing people familiar with the matter.

On this news, Avaya’s stock price fell $0.28, or 54.1%, to close at $0.24 per share on December 16, 2022, thereby injuring investors further.

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If you purchased Avaya securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221216005535/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2022.

PUB: 12/16/2022 08:40 PM/DISC: 12/16/2022 08:41 PM

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