Extreme Networks discloses former employee sold $645K in products to Russian sanctioned company

EXTREME NETWORKS INC

Total misappropriated product sales from 2018-2021 estimated at $645,000, less than 0.01% of global revenue.
Distributor scheme involved a front business (DEMZ) for MMZ Avangard, a Russian military contractor subsidiary.
Former employee terminated for performance continued scheme after joining the distributor.
Extreme ceased operations in Russia in March 2022; investigation ongoing with outside counsel Latham & Watkins.
Company notified U.S. regulators and is reviewing potential involvement of other current/former employees.

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