An investigation on behalf of investors of Sierra Wireless, Inc. (NASDAQ: SWIR) shares over potential securities laws violations by Sierra Wireless, Inc and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Sierra Wireless, Inc. (NASDAQ: SWIR) concerning whether a series of statements by Sierra Wireless, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Canada based Sierra Wireless, Inc., together with its subsidiaries, provides device-to-cloud Internet of Things (IoT) solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Sierra Wireless, Inc. reported that its annual Total Revenue declined from $713.51 million in 2019 to $448.58 million in 2020, and that its Net Loss declined from $70.53 million in 2019 to $49.34 million in 2020.
On March 23, 2021, Sierra Wireless, Inc announced that the Company "discovered it was the subject of a ransomware attack on its internal IT systems on March 20, 2021." Sierra Wireless, Inc stated that "[a]s a result of the ransomware attack, Sierra Wireless halted production at its manufacturing sites" and that its "website and other internal operations have also been disrupted by the attack."
Further, the Company stated that "[d]ue to these disruptions, Sierra Wireless is at this time withdrawing the First Quarter 2021 guidance it provided on February 23, 2021."
Shares of Sierra Wireless, Inc. (NASDAQ: SWIR) declined to as low as $14.25 per share on March 30, 2021.