Case Page

 

Case Status:    DISMISSED    
On or around 08/06/2013 (Court's order of dismissal)

Filing Date: May 12, 2010

According to a press release dated May 12, 2010, the complaint alleges that, 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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CTV
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. North Carolina
DOCKET #: 10-CV-00062
JUDGE: Hon. Richard Voorhees
DATE FILED: 05/12/2010
CLASS PERIOD START: 04/29/2008
CLASS PERIOD END: 10/30/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Essex Richards, P.A.
    1701 South Boulevard, Essex Richards, P.A., NC 28203-4727
    704.377.4300 704/372-1357 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: W.D. North Carolina
DOCKET #: 10-CV-00062
JUDGE: Hon. Richard Voorhees
DATE FILED: 10/29/2010
CLASS PERIOD START: 04/29/2008
CLASS PERIOD END: 10/30/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Essex Richards, P.A.
    1701 South Boulevard, Essex Richards, P.A., NC 28203-4727
    704.377.4300 704/372-1357 ·
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date