Press release from Business Wire
Glancy Binkow & Goldberg LLP Files Securities Class Action Lawsuit Against Tellabs, Inc.
Wednesday, January 23, 2013
Glancy Binkow & Goldberg LLP Files Securities Class Action Lawsuit Against Tellabs, Inc.20:54 EST Wednesday, January 23, 2013 LOS ANGELES (Business Wire) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a class consisting of all purchasers of the securities of Tellabs, Inc. (“Tellabs” or the “Company”) (Nasdaq:TLAB) between October 26, 2010 and April 26, 2011, inclusive (the "Class Period"). A copy of the Complaint is available from the Court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. 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. Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud. If you are a member of the class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or firstname.lastname@example.org