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Case Status:    DISMISSED    
On or around 03/22/2013 (Court's order of dismissal)

Filing Date: January 06, 2011

According to a press release dated January 06, 2011, 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 known but undisclosed difficulties in fulfilling orders in the emerging markets in general and in India in particular due to security and regulatory issues; (ii) that the Company’s customers in the emerging markets were experiencing known but undisclosed credit issues causing them to delay purchases; (iii) that the Company was experiencing a sharp decline in new orders that was reasonably likely to have a material adverse effect on the Company’s backlog and operating results; and (iv) that, as a result of the foregoing, defendants’ representations concerning their “visibility” into the Company’s earnings were materially false and misleading.

On August 5, 2010, Tekelec issued a press release announcing its operating results for the quarter ended June 30, 2010. In response to the announcement, the price of Tekelec common stock fell more than 9% on heavy trading volume as the remaining artificial inflation came out of the stock price.

On April 28, 2011, the Court appointed Pipefitters Local No. 636 Defined Benefit Plan and Norfolk County Retirement System lead plaintiffs. Further, the Court approved of Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP as Co-Lead Counsel and McDaniel & Anderson, LLP as Liaison Counsel.

The lead plaintiffs filed an amended complaint on June 30, 2011, alleging violations of Sections 10(b) and 20(a) and the rules promulgated thereunder, specifically Rule 10b-5.

On March 26, 2012, the Court issued an order dismissing without prejudice plaintiffs' amended complaint. Plaintiffs may address the errors identified by the court, make any other changes plaintiffs deem appropriate, and file a second amended complaint.

On April 30, 2012, plaintiffs filed a second amended complaint. On May 4, 2012, plaintiffs filed a corrected second amended complaint.

On March 22, 2013, the Court issued an Order granting Defendants' motion to dismiss with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TKLC
Company Market: NASDAQ
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: E.D. North Carolina
DOCKET #: 11-CV-00004
JUDGE: Hon. James C. Dever, III
DATE FILED: 01/06/2011
CLASS PERIOD START: 02/11/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. McDaniel & Anderson, LLP
    4942 Windy Hill Drive; P.O. Box 58186, McDaniel & Anderson, LLP, NC 27658
    919.872.3000 ·
  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 ·
  3. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date
COURT: E.D. North Carolina
DOCKET #: 11-CV-00004
JUDGE: Hon. James C. Dever, III
DATE FILED: 06/30/2011
CLASS PERIOD START: 02/11/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. McDaniel & Anderson, LLP
    4942 Windy Hill Drive; P.O. Box 58186, McDaniel & Anderson, LLP, NC 27658
    919.872.3000 ·
  3. 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 ·
  4. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date