RM LAW, P.C. announces an investigation on behalf of ADTRAN, Inc. (“ADTRAN” or the “Company”) (NASDAQ: ADTN) investors concerning the Company and its officers’ possible violations of federal securities laws.
If you purchased shares of ADTRAN and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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 August 12, 2019, the Company disclosed that it would be unable to timely file its quarterly financial report with the SEC. Moreover, the Company disclosed that certain material weaknesses in its internal control resulted in a misstatement of previously reported E&O reserves.
Then, on September 20, 2019, the Company filed its quarterly report for the period ended June 30, 2019 with the SEC and disclosed a $0.8 million out-of-period adjustment, which increased its E&O reserves for the period.