ADTN CLASS ACTION DEADLINE: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Against ADTRAN, Inc.
October 18 2019 - 3:11PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
ADTRAN, Inc. ("ADTRAN" or the "Company") (NASDAQ: ADTN) between
February 28, 2019 and October 9, 2019, inclusive (the "Class
Period"). The lawsuit filed in the United States District Court for
the Southern District of New York alleges violations of the
Securities Exchange Act of 1934.
If you purchased ADTRAN securities, and/or would like to
discuss your legal rights and options please visit ADTRAN
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
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.
On July 17, 2019, the Company announced "preliminary" earnings
for second quarter 2019 due to its ongoing assessment of the
reasonableness 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.
If you purchased ADTRAN securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/adtraninc-adtn-shareholder-class-action-lawsuit-stock-fraud-204/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 16, 2019. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn’t require that you serve as lead plaintiff. If you choose to
take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20191018005548/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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