CommScope, Inc. is an American company that designs and manufactures network infrastructure products.
According to a press release dated May 12, 2010, the Complaint alleges tha, throughout the Class Period, Defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the Complaint alleges that Defendants failed to disclose: (i) that the Company was experiencing weaker demand for its cabinet and apparatus products by certain telecommunication service providers; (ii) that the Company’s distributors were working off existing inventory and not re-stocking the Company’s products; and (iii) that, as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On October 30, 2008, the Company announced its financial results for the third quarter of 2008, the period ended September 30, 2008. In response to the earnings announcement and the Company’s reduced outlook for the fourth quarter and full year 2008, on October 31, 2008, shares of the Company’s stock fell $5.48 per share, or 27%, to close at $14.71 per share, on unusually heavy trading volume.
On August 30, 2010, an Order appointing lead Plaintiff and lead Counsel was issued by the Court.
On November 8, 2010, a Third Amended Class Action Complaint was filed with the Court by the putative lead Plaintiffs against the Defendants.
On August 6, 2013, the Court issued an Order granting the Defendants' Motion to Dismiss. Judgment was entered on the same date.