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SAN FRANCISCO, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges ADTRAN, Inc. (NASDAQ: ADTN) investors who have suffered losses in excess of $50,000 to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The December 16, 2019 lead plaintiff deadline in a securities fraud class action pending against the company is approaching.
ADTRAN (ADTN) Securities Class Action:
According to the complaint, throughout the Class Period, Defendants misrepresented and concealed: (1) that there were material weaknesses in the Company’s internal control over financial reporting; (2) that, as a result, certain excess and obsolete inventory (“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.
The Complaint alleges that 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 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.
“We’re focused on investors’ losses and whether ADTRAN and senior executives intentionally misled investors by failing to timely write off unsalable inventory,” said Hagens Berman partner Reed Kathrein.
If you purchased shares of ADTN and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ADTRAN should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ADTN@hbsslaw.com.
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Reed Kathrein, 510-725-3000