The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of ADTRAN, Inc. (NASDAQ: ADTN) who purchased shares between February 28, 2019 and October 9, 2019. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the ADTRAN lawsuit alleges that (1) there were material weaknesses in the Company’s internal control over financial reporting; (2) as a result, certain E&O reserves had been improperly reported; (3) as a result, the Company’s financial results for certain periods were misstated; (4) there would be a pause in shipments to the Company’s Latin American customer; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Shareholders have until December 16, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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