Case Page

 

Case Status:    DISMISSED    
On or around 02/09/2015 (Court's order of dismissal)

Filing Date: January 23, 2013

According to the law firm press release, the Complaint charges Tellabs and certain of the Company’s executive officers with violations of federal securities laws. Tellabs designs, develops and supports telecommunications networking products. 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 Tellabs’ 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.

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. On this news, shares of Tellabs declined $1.35 per share, almost 20%, to close on January 25, 2011 at $5.69 per share, on unusually heavy volume.

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. On this news, shares of Tellabs further declined $0.49 per share, almost 10%, to close on April 26, 2011 at $4.90 per share, on unusually heavy volume.

On April 2, 2013, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel. On June 3, the Lead Plaintiffs filed an amended complaint.

On June 16, 2014, the Court issued an Order dismissing Plaintiffs' amended complaint without prejudice. Plaintiffs were given leave to refile.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TLAB
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: N.D. Illinois
DOCKET #: 13-CV-00537
JUDGE: Hon. Charles P. Kocoras
DATE FILED: 01/23/2013
CLASS PERIOD START: 10/26/2010
CLASS PERIOD END: 04/26/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. Robbins Geller Rudman & Dowd LLP
    200 S. Wacker Drive Suite 3100 , Robbins Geller Rudman & Dowd LLP , IL 60606
    312.674.4674. 312.674.4674. ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 13-CV-00537
JUDGE: Hon. Charles P. Kocoras
DATE FILED: 06/03/2013
CLASS PERIOD START: 06/09/2010
CLASS PERIOD END: 04/26/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date