Lawsuit filed for Investors in ADTRAN, Inc. (NASDAQ: ADTN) shares

An investor, who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN), filed a lawsuit over alleged violations of Federal Securities Laws by ADTRAN, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and for certain investors are short and strict deadlines running. Deadline: December 16, 2019. ADTRAN, Inc. (NASDAQ: ADTN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

Then, on October 9, 2019, after-market, the Company announced that its “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.”

Shares of ADTRAN, Inc. (NASDAQ: ADTN) declined to as low as $8.90 per share on October 10, 2019.

The plaintiff claims that between February 28, 2019 and October 9, 2019, the Defendants failed to disclose to investors: (1) that there were material weaknesses in the Company’s internal control over financial reporting; (2) that, as a result, certain 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.

Those who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

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.

This release was published on openPR.