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Case Status:    ONGOING    
On or around 11/23/2021 (Date of last review)

Filing Date: November 19, 2021

According to the Complaint, Citrix Systems, Inc. in 2019 began a two-pronged transition of its business model. First, the Company began to transfer its software platform from the on-premise model to a cloud-based model. In the cloud model, Citrix hosted its software on servers owned and maintained by Citrix, rather than on customers’ servers. Second, Citrix transitioned to a subscription-based payment system: instead of paying once per user for a license, Citrix’s subscription model required customers to pay a yearly subscription cost.

The Complaint alleges that, throughout the Class Period, Defendants repeatedly, falsely assured investors that the transition from on-premise to the cloud product was going smoothly and that as a result of Defendants' misrepresentations, Citrix common stock traded at artificially inflated prices during the Class Period.

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