SAN DIEGO & HUNTSVILLE, Ala.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces it is investigating ADTRAN, Inc. (NASDAQ: ADTN) for alleged violations of the Securities Exchange Act of 1934 and whether Company officers and directors breached their fiduciary duties to shareholders. ADTRAN is a networking and communications company that provides services which enable voice, data, video, and internet communications across a variety of network infrastructures.
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ADTRAN, Inc. (ADTN) Misled Shareholders
On August 12, 2019, ADTRAN disclosed that it was unable to timely file its quarterly financial report with the SEC due to a material weakness in the Company's internal control that resulted in a misstatement of its excess and obsolete inventory reserves. Despite touting its ability to maintain sufficient inventory levels, on October 9, 2019, ADTRAN announced that its revenue had been "significantly impacted" by a pause in shipments to a customer in Latin America. Following all these disclosures, ADTRAN's stock price fell 44% to close at $8.81 on October 10, 2019, and has yet to recover.
ADTRAN, Inc. (ADTN) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click Here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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