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IronNet, Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Virginia on behalf of those who acquired IronNet, Inc. (“IronNet” or the “Company”) (NYSE: IRNT) securities from September 15, 2021 through December 15, 2021, both dates inclusive (the “Class Period”). Investors have until June 21, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. 
 
IronNet designs and develops solutions for cyber-attacks.  It offers IronDefense, a network traffic analysis platform that delivers scalable behavioral analysis and integrated packetlevel cyber hunt to detect advanced threats; and IronDome, a collective defense solution that delivers machine-speed visibility of potential threat campaigns targeting participant industry peers.
 
On August 27, 2021, IronNet became a publicly traded company via a merger (the “Merger”) with LGL Systems Acquisition Corp. (“LGL”), a blank check company otherwise known as a special purpose acquisition vehicle (“SPAC”).
 
On December 15, 2021, after market close, Defendants issued a press release entitled “IronNet Reports Third Quarter Fiscal 2022 Financial Results,” in which they slashed IronNet’s FY 2022 guidance, which had been repeated shortly before the Merger vote and which was reaffirmed just months earlier. On this news, IronNet’s stock price declined by $2.14 per share, or approximately 31.47%, from $6.80 per share on December 15, 2021 to close at $4.66 per share on December 16, 2021. 
 
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly-issued FY 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading; and (iv) as a result, the Company’s public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.
 

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