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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against LogMeIn, Inc. (LOGM)

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NEW YORK, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against LogMeIn, Inc. ("LogMeIn" or the "Company") (NASDAQ:LOGM) in the United States District Court for the Central District of California on behalf of a class consisting of investors who purchased or otherwise acquired LogMeIn securities on the open market from March 1, 2017 and July 26, 2018, inclusive (the "Class Period"), seeking to recover compensable damages caused by Defendants' violations of the Securities Exchange Act of 1934.

On February 1, 2017, LogMeIn announced that it had completed its merger with the GoTo business of Citrix Systems, Inc.

On July 26, 2018, LogMeIn reported quarterly financial and operational results for the second quarter of fiscal 2018 and reduced its financial guidance for fiscal 2018.  During a follow up conference call, management disclosed that LogMeIn's performance during the quarter failed to meet expectations in part due to the "combination of imperfect execution and some hangover effects of last year's merger with the GoTo business led to disappointing renewal rates."  Following this disclosure, shares of the Company's stock declined $26.60 per share, or over 25% in value, to close on July 27, 2018 at $77.85.

The Complaint alleges that Defendants made materially false and misleading statements during the Class Period and failed to disclose to investors that LogMeIn's business practices had negatively impacted renewal rates for certain services it provides.  The Complaint further alleges that investors purchased LogMeIn's securities at artificially inflated prices during the Class Period and sustained significant investment losses.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 19, 2018 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.

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