We are investigating ADTRAN, Inc. (ADTN) (“ADTRAN” or the “Company”) for potential violations of the federal securities laws.
NEW YORK, Nov. 18, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of ADTRAN, Inc. ("ADTRAN" or the "Company") (NASDAQ: ADTN). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether ADTRAN and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 17, 2019, ADTRAN 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. On this news, ADTRAN's stock price fell $3.69 per share, or more than 23%, to close at $12.13 per share on July 18, 2019. Then, on October 9, 2019, ADTRAN announced that its "revenue this quarter has been significantly impacted by a pause in shipments to a Tier 1 customer in Latin America and the continued slowdown in the spending at an international Tier 1 customer."
On this news, ADTRAN's stock price fell $2.10 per share, or more than 19%, to close at $8.81 per share on October 10, 2019.