NEW YORK, Oct. 21, 2019 /PRNewswire/ -- 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.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP