Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of ADTRAN, Inc. who purchased shares between February 28, 2019 and October 9, 2019.
ADTRAN and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 9, 2019, post-market, the Company announced its preliminary 3Q2019 financial results, disclosing that “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 price of ADTRAN’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 16, 2019 to request that the court appoint them lead plaintiff.