Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of ADTRAN Inc (NASDAQ: ADTN) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of ADTRAN Inc (NASDAQ: ADTN) concerning 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.
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 twith the SEC. Furthermore, the Company revealed that certain material weaknesses in its internal control resulted in a misstatement of previously reported E&O reserves.
Based in Huntsville, Alabama, and founded in 1985 ADTRAN Inc provides networking and communications equipment worldwide.
If you purchased shares of ADTRAN Inc (NASDAQ: ADTN) on or before July 17, 2019, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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