Case: IronNet, Inc.
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NEW YORK, NY – December 17, 2021 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of IronNet, Inc. (“IronNet” or the “Company”) (NYSE: IRNT).  IronNet is a cybersecurity company that went public in August 2021 through a business combination with LGL Systems Acquisition Corp. (“LGL”), a special-purpose acquisition company, or SPAC.

On August 10, 2021, prior to the completion of its business combination with LGL, IronNet said it “expects annual recurring revenue (ARR) to increase to $75 million by the end of fiscal 2022. . . .”

On August 27, 2021, IronNet announced that it had completed its previously announced business combination with LGL.

On December 15, 2021, after the market closed, IronNet reported its financial results for the fiscal 2022 third quarter ending October 31, 2021.  In connection with these results, IronNet slashed its expected outlook for fiscal year 2022 to “ARR of approximately $30 million.”  Further, IronNet disclosed that its prior outlook for fiscal 2022 “was supported by what we assessed as late-stage multi-million dollar strategic customer opportunities, the majority of which are in the U.S. public sector” and that “[w]e had previously expected to finalize these opportunities in the second half of the fiscal year, however they remain pending primarily due to government delays in getting funding through to federal budgets.”  

Following this news, the price of IronNet shares, fell by $2 per share, more than 29%, in midday trading to $4.80 per share on December 16, 2021.

If you purchased or otherwise acquired IronNet securities and would like to discuss our investigation, please contact us by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by calling (646) 315-9003.  

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this investigation, your rights, or your interests, please contact: 

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
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Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
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