According to the Complaint, Plantronics designs, manufactures, and markets integrated communications and collaboration solutions such as headsets, Open SIP desktop phones, audio and videoconferencing, and cloud management and analytics software solutions.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company’s internal control over inventory levels was not effective; (3) that the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On February 13, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 5.