Glancy prongay & murray llp files securities class action against adtran, inc

Glancy prongay & murray llp announced that it has filed a class action lawsuit in the united states district court for the southern district of new york captioned burbridge v. adtran, inc., et al., (case no. 19-cv-09619), on behalf of persons and entities that purchased or otherwise acquired adtran, inc. securities between february 28, 2019 and october 9, 2019, inclusive (the class period). plaintiff pursues claims against the defendants under the securities exchange act of 1934 (the exchange act). investors are hereby notified that they have 60 days from the date of this notice to move the court to serve as lead plaintiff in this action. on july 17, 2019, the company 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 (e&o reserves). on this news, the company’s share price fell $3.69 per share, over 23%, to close at $12.13 per share on july 18, 2019, thereby injuring investors. then, on october 9, 2019, after-market, the company 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, the company’s share price fell $2.10 per share, over 19%, to close at $8.81 per share on october 10, 2019, thereby injuring investors further.
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