Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Alarum Technologies Ltd. (ALAR)

/EIN News/ -- NEW YORK, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Alarum Technologies Ltd. (“Alarum” or the “Company”) (NASDAQ: ALAR) securities between March 14, 2024 and August 26, 2024, inclusive (the “Class Period”).

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Alarum was less effective in retaining and/or expanding customer engagements than it had represented to investors; (ii) the foregoing would impair Alarum’s ability to generate consistent revenue growth; and (iii) accordingly, Alarum’s business and/or financial prospects were overstated.

The Complaint further alleges that, on August 26, 2024, Alarum revealed that it was expecting third quarter 2024 revenue of $7 million, far short of the $9.2 million revenue figure projected by analysts. Later that day, Alarum’s CEO, Defendant Shachar Daniel attributed the disappointing revenue guidance to the reduced customer spending Alarum began experiencing in June 2024. On this news, the price of Alarum’s American Depositary Receipts fell by more than 31%.

Investors who purchased or otherwise acquired shares of Alarum should contact the Firm prior to the April 14, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.