An investigation on behalf of investors in ADTRAN, Inc. (NASDAQ: ADTN) shares over potential wrongdoing at ADTRAN, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 10/14/2019 -- Certain directors of ADTRAN, Inc are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain ADTRAN, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Huntsville, AL based ADTRAN, Inc. provides networking and communications equipment worldwide. ADTRAN, Inc. reported that its annual Total Revenue declined from $666.90 million in 2017 to $529.27 million in 2018 and that its respective Net Income decreased from $23.84 million in 2017. to a Net Loss of $19.34 million in 2018.
On July 17, 2019, ADTRAN, Inc. announced "preliminary" earnings for the second quarter of 2019 due to the Company's assessment of its current and previously reported E&O reserves.
On August 12, 2019, ADTRAN, Inc. 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.
Shares of ADTRAN, Inc. (NASDAQ: ADTN) declined from $24.60 per share in October 2017 to as low as $9.92 per share on August 28, 2019.
Those who purchased shares of ADTRAN, Inc. (NASDAQ: ADTN) have certain options and should contact the Shareholders Foundation.
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