NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Plantronics, Inc. (“Plantronics” or the “Company”) (NYSE: PLT) securities during the period from July 2, 2018 through November 5, 2019 (the “Class Period”). Investors have until January 13, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Plantronics failed to disclose that: (i) the Company had engaged in channel stuffing to artificially boost sales; (ii) the Company’s internal control over inventory levels was not effective; and (iii) the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products.
On November 5, 2019, the Company announced disappointing second quarter 2020 results, decreased earnings guidance, and disclosed that it would reduce channel inventory by $65 million.
On this news, the Company’s stock price fell $14.44 per share, or 36.6%, to close at $25.00 per share on November 6, 2019.
If you acquired Plantronics securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.