NEW YORK–(BUSINESS WIRE)–#classaction–The law firm of Kirby McInerney LLP is investigating potential claims against ADTRAN, Inc. (“ADTRAN” or the “Company”) (NASDAQ: ADTN). This investigation concerns whether ADTRAN has violated federal securities laws and/or engaged in other unlawful business practices.
On July 17, 2019, ADTRAN announced “preliminary” earnings for the second quarter of 2019 due to the Company’s assessment of its current and previously reported E&O reserves. This caused the price of ADTRAN shares to decline by more than 23% on the next trading day.
On August 12, 2019, ADTRAN disclosed its inability to timely file its quarterly financial report with the SEC, admitting to material weaknesses in its internal controls, resulting in a misstatement of the Company’s previously reported E&O reserves.
If you acquired ADTRAN 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 [email protected], 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.
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