This lawsuit is for anyone who acquired securities in of ADTRAN, Inc. (NASDAQ: ADTN) from February 28, 2019 through October 8, 2019.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper controls in place to prevent faulty accounting and then failed to properly account for excessive and obsolete inventory. The Company also failed to timely disclose that two of its major customers had stopped making purchases.
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 price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on August 12, 2019, the Company disclosed that it would be unable to timely file its quarterly financial report with the SEC. Moreover, the Company disclosed that certain material weaknesses in its internal control resulted in a misstatement of previously reported E&O reserves. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Then, on October 8, 2019, after the market closed, the Company announced a loss of revenue for the quarter because a couple of its largest customers had stopped making purchase. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in ADTRAN, Inc. (NASDAQ: ADTN) from February 28, 2019 through October 8, 2019 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
First Name: *
Last Name: *
If Representing an Institution, Name of Institution:
If Representing an Institution, Position at Institution:
Mailing Address: *
Phone #: *
I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.