Shareholder Alert: Robbins LLP Announces It Is Investigating ADTRAN, Inc. (ADTN)
March 11 2020 - 7:48PM
Business Wire
Shareholder rights law firm Robbins LLP announces it is
investigating ADTRAN, Inc. (NASDAQ: ADTN) for alleged violations of
the Securities Exchange Act of 1934 and whether Company officers
and directors breached their fiduciary duties to shareholders.
ADTRAN is a networking and communications company that provides
services which enable voice, data, video, and internet
communications across a variety of network infrastructures.
If you suffered a loss as a result of ADTRAN's misconduct, click
here.
ADTRAN, Inc. (ADTN) Misled Shareholders
On August 12, 2019, ADTRAN disclosed that it was unable to
timely file its quarterly financial report with the SEC due to a
material weakness in the Company's internal control that resulted
in a misstatement of its excess and obsolete inventory reserves.
Despite touting its ability to maintain sufficient inventory
levels, on October 9, 2019, ADTRAN announced that its revenue had
been "significantly impacted" by a pause in shipments to a customer
in Latin America. Following all these disclosures, ADTRAN's stock
price fell 44% to close at $8.81 on October 10, 2019, and has yet
to recover.
ADTRAN, Inc. (ADTN) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click Here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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