Aviat Networks, Inc. (AVNW) Investigation

The investigation focuses on the propriety of Aviat’s past assurances that its financial statements were prepared in conformity with applicable accounting rules and that its internal controls over financial reporting were sufficient.

 The company’s assurances may have begun to come under question when, on May 28, 2024, it abruptly announced the replacement of its then-Chief Financial Officer, just one month before its fiscal year end.

After the market closed on Sept. 11, 2024, Aviat said: (i) it “requires additional time to finalize its assessment of internal control over financial reporting[;]” (ii) “[m]anagement has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting[;]” and (iii) it “identified certain errors impacting previously reported financial information for the fiscal years 2024 and 2023.”

In addition, Aviat held open the possibility that “revision or restatement of prior periods is required.”

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the AVNW investigation about?

We are looking into whether Aviat may have misled investors about its financial reporting and related controls.

WHAT SHOULD I DO?

I worked at AVNW. What should I do?

If you were an employee of AVNW, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in AVNW, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any AVNW investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.