We are investigating Plantronics, Inc. (PLT) (“Plantronics” or the “Company”) for potential violations of the federal securities laws.
On November 5, 2019, Plantronics disclosed a $65 million reduction in channel inventory “by reducing sales to channel partners” and slashed its fiscal year 2020 guidance. The Company advised investors that it expected revenue between $1.72 billion and $1.81 billion and adjusted EBITDA between $282 million and $323 million. On this news, Plantronics’ stock price fell $14.44 per share, or 36.61%, to close at $25.00 per share on November 6, 2019.