TMCnet News
Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of ADTRAN, Inc. InvestorsGlancy Prongay & Murray LLP ("GPM") announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Burbridge v. ADTRAN (News - Alert), Inc., et al., (Case No. 19-cv-09619), on behalf of persons and entities that purchased or otherwise acquired ADTRAN, Inc. (NASDAQ: ADTN) ("ADTRAN" or the "Company") securities between February 28, 2019 and October 9, 2019, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act"). Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action. If you are a shareholder who suffered a loss, click here to participate. On July 17, 2019, the Company announced "preliminary" earnings for second quarter 2019 due to its ongoing assessment of the reasonablenes of its current and previously reported excess and obsolete inventory reserves ("E&O reserves"). On this news, the Company's share price fell $3.69 per share, over 23%, to close at $12.13 per share on July 18, 2019, thereby injuring investors. Then, on October 9, 2019, after-market, the Company announced that its "revenue this quarter has been significantly impacted by a pause in shipments to a Tier 1 customer in Latin America and the continued slowdown in the spending at an international Tier 1 customer." On this news, the Company's share price fell $2.10 per share, over 19%, to close at $8.81 per share on October 10, 2019, thereby injuring investors further. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that there were material weaknesses in the Company's internal control over financial reporting; (2) that, as a result, certain E&O reserves had been improperly reported; (3) that, as a result, the Company's financial results for certain periods were misstated; (4) that there would be a pause in shipments to the Company's Latin American customer; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. Follow us for updates on Twitter (News - Alert): twitter.com/GPM_LLP. If you purchased ADTRAN securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on businesswire.com: https://www.businesswire.com/news/home/20191017005992/en/ |
