NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating The ADT Corporation (“ADT” or the “Company”) (NYSE:ADT) for possible violations of federal securities laws. The investigation stems from statements issued regarding ADT’s business, operations, financial prospects, and share buyback program.
Click here to learn more about the investigation: http://zlk.9nl.com/the-adt-corporation-adt or call: 877-363-5972. There is no cost or obligation to you.
In 2012, Keith Meister, founder of hedge fund Corvex Management LP (“Corvex”), announced that Corvex owned 5% of the ADT shares. At the same time, Meister announced a target price for ADT of $61 per share and joined the Company’s board of directors. Subsequently, the board authorized a $2 billion share buyback. In November 2013, ADT agreed to repurchase 10.24 million shares from Corvex at $44.01 a share. Meister suddenly resigned from ADT’s board during this time period.
Prior to the markets opening on January 30, 2014, ADT issued a press release announcing its 2014 first quarter financial results being significantly lower than expectations based on the Company’s prior guidance. In reaction to these results, ADT stock dropped $6.41 or 17%, to $31.40.
If you own ADT stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/the-adt-corporation-adt.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.