Investigation announced for NASDAQ: ADTN Investors over potential Wrongdoing at ADTRAN, Inc.
An investigation on behalf of investors in ADTRAN, Inc. (NASDAQ: ADTN) shares over potential wrongdoing at ADTRAN, Inc. was announ
Investors who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain ADTRAN, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Huntsville, AL based ADTRAN, Inc. provides networking and communications equipment worldwide. ADTRAN, Inc. reported that its annual Total Revenue declined from $666.90 million in 2017 to $529.27 million in 2018 and that its respective Net Income decreased from $23.84 million in 2017. to a Net Loss of $19.34 million in 2018.
On July 17, 2019, ADTRAN, Inc. announced “preliminary” earnings for the second quarter of 2019 due to the Company’s assessment of its current and previously reported E&O reserves.
On August 12, 2019, ADTRAN, Inc. disclosed its inability to timely file its quarterly financial report with the SEC, admitting to material weaknesses in its internal controls, resulting in a misstatement of the Company’s previously reported E&O reserves.
Shares of ADTRAN, Inc. (NASDAQ: ADTN) declined from $24.60 per share in October 2017 to as low as $9.92 per share on August 28, 2019.
Those who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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