Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against Tellabs, Inc.
NEW YORK, Jan. 30, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for Northern District of Illinois on behalf of purchasers of Tellabs, Inc. ("Tellabs" or the "Company") (NasdaqGS: TLAB) between October 26, 2010 and April 26, 2011, inclusive (the "Class Period").
The complaint charges the Company and certain of its executive officers (the "defendants") with violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants failed to disclose, among others: (1) that in the fourth quarter of 2010, the Company was changing its distribution arrangement with a customer; (2) that this change to the distribution arrangement masked that Tellabs' business was declining substantially faster than the Company had represented to the public; (3) that the Company's North American business was slowing at a greater rate than the Company had represented to the public; and (4) that, as a result of the above, the defendants' positive statements about the Company's business, operations and prospects lacked a reasonable basis. According to the complaint, on January 25, 2011 Tellabs announced its financial results for the fourth quarter of 2010. While the Company's revenue of $410.5 million was purportedly in line with the low end of its previously issued revenue guidance, Tellabs disclosed that its quarterly revenue had substantially benefitted from a change to its distribution agreement with a customer. Thereafter, on April 26, 2011, the Company announced its financial results for the first quarter of 2011, which further reflected substantial weakness in its North American business. As a result of slowing sales to one of its primary customers, the value of Tellabs shares declined significantly.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. March 25, 2013 is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
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