Avaya Holdings Corp., the Durham-based technology company, has resolved two patent infringement lawsuits, court records show. While the company is yet to respond to a shareholder lawsuit filed in January that accuses the company and its executives of making “materially false and misleading statements” about Avaya’s financial state, the two patent infringement cases were dismissed in recent weeks. One was filed by Canadian firm Aegis Mobility and the other by Avayla Licensing in Delaware. The company has been facing numerous challenges, including a failed debt deal last summer, the ouster of its CEO, Jim Chirico, and allegations of “material weaknesses” in financial reporting exposed by an internal investigation. Avaya has been trying to cut expenses, including through a second round of layoffs in Europe. The company was served with a delisting notice from the New York Stock Exchange in December.
The consensus rating for Avaya Holdings Corp (AVYA) among analysts is “Hold”, based on 8 analyst ratings. The consensus price target for the company is $8.50, with an average prediction of $8.50 and a high prediction of $22.00. This represents a potential upside of 2025.53% compared to the current stock price. The low prediction for the price target is $3.00.
Latest News Bulletins
- Avaya Holdings Corp. has resolved two patent infringement lawsuits.
- Canadian firm Aegis Mobility filed a lawsuit in July 2022, which was dismissed on Jan. 13 after being “resolved.”
- Another lawsuit was filed by Avayla Licensing in Delaware and was also dismissed in December after being “resolved.”
- Avaya has yet to respond to a shareholder lawsuit filed in January that accuses the company and its executives of making false and misleading statements.
- The company has been cutting expenses and laying off employees in Europe.
- Avaya faced challenges after a failed debt deal last summer and the ouster of its CEO, Jim Chirico.
- The CEO was replaced with Alan Masarek and the CFO, Kieran McGrath, retired and was replaced by contractor Becky Roof.
- An internal investigation exposed “material weaknesses” in Avaya’s financial reporting.
- The firm was served with a delisting notice from the New York Stock Exchange in December.
- Avaya moved its headquarters to Durham, North Carolina from California in 2020.
Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what’s next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.
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