NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Avaya Holdings Corp. (NYSE: AVYA) (OTC: AVYAW) ("Avaya" or the "Company") concerning possible violations of federal securities laws.
On August 9, 2022, The Wall Street Journal published an article entitled "Avaya Taps Legal, Financial Advisers to Look at Debt Options" and another entitled "Avaya's Collapsing Debt Deal Hits Clients of Goldman, JPMorgan". These articles reported that Avaya had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase. According to the articles, the Company not only failed to provide an explanation for the dramatic earnings miss, but also indicated that it would miss revenue targets and was removing its CEO. According to the articles, the Company's audit committee opened an internal investigation regarding the most recent quarter and is also investigating a whistleblower letter.
Following the publication of these articles, Avaya's stock price fell 45% on unusually heavy trading volume.
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SOURCE Levi & Korsinsky, LLP