NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of ADTRAN, Inc. (NASDAQ: ADTN) resulting from allegations that ADTRAN may have issued materially misleading business information to the investing public.
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”).
On this news, the Company’s share price fell $3.69 per share, over 23%, to close at $12.13 per share on July 18, 2019, injuring investors.
On August 12, 2019, the Company disclosed that it would be unable to timely file its quarterly financial report with the SEC. The Company also disclosed that certain material weaknesses in its internal control resulted in a misstatement of previously reported E&O reserves.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by ADTRAN investors. If you purchased shares of ADTRAN please visit the firm’s website at http://www.rosenlegal.com/cases-register-1692.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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