SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a securities class action lawsuit has been filed in the Northern District of California on behalf of purchasers of Plantronics, Inc. (NYSE:PLT) securities between July 2, 2018 and November 5, 2019 (the “Class Period”). The case is captioned Bassuk v. Plantronics, Inc., et al., No. 19-cv-07481, and is assigned to Judge Jon S. Tigar. The Plantronics securities class action lawsuit charges Plantronics and certain of its officers with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Plantronics securities during the Class Period to seek appointment as lead plaintiff in the Plantronics securities class action lawsuit. A lead plaintiff can select the law firm of its choice and acts on behalf of all other class members in directing the lawsuit. An investor’s ability to share in any potential future recovery of the Plantronics securities class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Plantronics securities class action lawsuit or have questions concerning your rights regarding the Plantronics securities class action lawsuit, please visit our website by clicking here or contact Brian Cochran at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. Lead plaintiff motions for the Plantronics securities class action lawsuit must be filed with the court no later than January 12, 2020.
Plantronics designs, manufactures, and markets various integrated communication and collaboration solutions for corporate customers, small businesses, and individuals worldwide.
The Plantronics class action lawsuit alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose material adverse facts about Plantronics’s business, operations, and prospects. Specifically, defendants failed to disclose that Plantronics’s internal controls over financial reporting, including those related to inventory levels, were inadequate; that Plantronics failed to monitor inventory levels before the introduction of new product models, which would lower demand for older stock; and that Plantronics had engaged in channel stuffing to artificially boost sales. As a result of this and other information being withheld from the market, Plantronics securities traded at artificially inflated prices during the Class Period, with Plantronics’s stock price reaching a high of more than $80 per share.
On November 5, 2019, Plantronics announced disappointing second quarter 2020 financial results and slashed its fiscal 2020 guidance by approximately 40%. Additionally, Plantronics disclosed that it would reduce channel inventory by approximately $65 million, which would result in a material impact on its third quarter and full year 2020 results. That same day, Plantronics filed with the U.S. Securities and Exchange Commission a Form 8-K announcing the termination of Plantronics’s Executive Vice President of Global Sales. As a result of this news, Plantronics’s share price declined nearly 37% to close at $25 per share on November 6, 2019.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.