INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against ADTRAN, Inc.
October 17 2019 - 11:55PM
Business Wire
The law firm of Kirby McInerney LLP announces that it filed a
class action lawsuit in the U.S. District Court for the Southern
District of New York on behalf of those who acquired ADTRAN, Inc.
(“ADTRAN” or the “Company”) (NASDAQ: ADTN) securities during the
period from February 28, 2019 through October 9, 2019 (the “Class
Period”). Investors have until December 16, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that ADTRAN failed to disclose to investors
that: (i) there were material weaknesses in the Company’s internal
control over financial reporting; (ii) as a result, certain E&O
reserves had been improperly reported; (iii) as a result, the
Company’s financial results for certain periods were misstated; and
(iv) there would be a pause in shipments to the Company’s Latin
American customer.
On July 17, 2019, ADTRAN announced “preliminary” earnings for
the second quarter of 2019 due to the Company’s assessment of its
current and previously reported E&O reserves. On this news, the
Company’s share price fell $3.69 per share, or 23.3%, to close at
$12.13 on July 18, 2019.
Then, on October 9, 2019, 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, or
19.2%, to close at $8.81 on October 10, 2019.
If you acquired ADTRAN securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191017005996/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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