Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Plantronics, Inc. who purchased shares between July 2, 2018 and November 5, 2019.
Plantronics and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 5, 2019, the Company disclosed a channel inventory cut of $65M “by reducing sales to channel partners,” fiscal 2020 guidance reductions in revenue between $1.72B and $1.81B and adjusted EBITDA between $282M and $323M, as well as the departure of its Executive Vice President of Global Sales.
On this news, the price of Plantronics’ shares plummeted nearly 37% on unusually heavy trading volume.
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 January 13, 2020 to request that the court appoint them lead plaintiff.