IronNet, Inc.

Ticker: IRNT

Class Period Start: 09/15/2021

Class Period End: 12/15/2021

Registration Deadline: 06/21/2022

A securities class action has been filed in the USDC – E.D.VA. against IronNet, Inc. (IRNT) on behalf of all those who purchased IronNet securities during the period between September 15, 2021 through December 15, 2021.  

According to the Complaint, IronNet, Inc. engages in the provision of cyber security services through its collective defense platform. 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”). Similar to other SPACs, LGL did not initially have any operations or business of its own. Rather, it raised money from investors in an initial public offering and then later used the proceeds from the offering to acquire IronNet, formerly a private company.

The complaint alleges that during the Class Period, IronNet, its Co-Chief Executive Officers, and its Chief Financial Officer committed violations of the Securities Exchange Act of 1934. According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about IronNet’s business, operations, and prospects, including that:

  • the Company had materially overstated its business and financial prospects;
  • 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;
  • 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
  • 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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