According to the law firm press release, Ixia delivers information technology solutions including real-time monitoring, real-world testing, and rapid assessment of network and system user behavior, security vulnerabilities, capacity, application performance, and IT resiliency. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants misrepresented or failed to disclose that: the Company improperly recognized revenues related to its warranty and software maintenance contracts; the Company’s Chief Executive Officer misstated his academic credentials and employment history; and the Company lacked adequate internal and financial controls.
On March 24, 2014, the Court issued an Order appointing Lead Plaintiff and approving Lead Counsel. Lead Plaintiffs filed an Amended Complaint on June 11.
On October 6, 2014, the Court issued an Order granting defendants' motion to dismiss, with leave to amend. Lead Plaintiffs filed their Second Amended Complaint on November 5.
On January 13, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 29.