Investigation announced for Investors who lost money with shares of ADTRAN, Inc. (NASDAQ: ADTN) over potential Securities Laws Violations

ADTRAN, Inc are under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by ADTRAN, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Huntsville, AL based ADTRAN, Inc. provides networking and communications equipment worldwide. ADTRAN, Inc. reported that its annual Total Revenue increased from over $1.02 billion in 2022 to over $1.14 billion in 2023 and that its Net Loss increased from $2.03 million in 2022 to $267.68 million in 2023.

On February 20, 2024, after market hours, ADTRAN, Inc. filed with the SEC a current report on Form 8-K which stated, in pertinent part, that "on February 20, 2024, the Audit Committee of the Board of Directors (the "Audit Committee") of ADTRAN Holdings, Inc. (the "Company") concluded, after considering the recommendations of management, that the presentation of the results attributable to the non-controlling interest and of the net loss attributable to the Company and, as a consequence, of the loss per common share attributable to the Company, were materially misstated in (i) the Company's unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2023 included in the Company's Quarterly Report on Form 10-Q/A for the fiscal quarter ended March 31, 2023, (ii) the Company's unaudited condensed consolidated financial statements as of and for the quarter and six months ended June 30, 2023 included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, and (iii) the Company's unaudited condensed consolidated financial statements as of and for the quarter and nine months ended September 30, 2023 included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, respectively (collectively, the "Non-Reliance Periods"), and such financial statements should no longer be relied upon."

Shares of ADTRAN, Inc. (NASDAQ: ADTN) declined from $7.43 per share on January 12, 2024 to $4.86 per share on April 10, 2024.

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

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 lawsuits, 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.