ADTRAN Inc

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Case Summary
Company Name: ADTRAN Inc
Stock Symbol : NASDAQ: ADTN
Class Period Start: 02/28/2019
Class Period End: 10/09/2019
Lead Plaintiff motion: 12/16/2019
Date Filed: 10/17/2019
Type of Case: Securities Class Action
Court: U.S. District Court for the Southern District of New York
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the December 16, 2019 lead plaintiff deadline in a class action lawsuit filed against ADTRAN Inc (NASDAQ: ADTN) (“ADTRAN” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased ADTRAN Inc securities between February 28, 2019 and October 9, 2019, have until December 16, 2019 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased ADTRAN Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that there were material weaknesses in the Company’s internal control over financial reporting; as a result, certain E&O reserves had been improperly reported; as a result, the Company’s financial results for certain periods were misstated; there would be a pause in shipments to the Company’s Latin American customer; and as a result, ADTRAN’s public statements were materially false and misleading at all relevant times.

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”).

Following this news, NASDAQ: ADTN fell $3.69 per share, over 23%, to close at $12.13 per share on July 18, 2019, thereby injuring investors.

On August 12, 2019, ADTRAN revealed that it would be unable to timely file its quarterly financial report with the SEC. Furthermore, the Company revealed that certain material weaknesses in its internal control resulted in a misstatement of previously reported E&O reserves.

If you were negatively impacted by your investment in ADTRAN Inc securities between February 28, 2019 and October 9, 2019 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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