Press release from Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Accounting Irregularities and Misleading Statements by Tellabs Inc.
Thursday, February 14, 2013
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Accounting Irregularities and Misleading Statements by Tellabs Inc.15:14 EST Thursday, February 14, 2013 SAN DIEGO (Business Wire) -- Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether Tellabs Inc. (Nasdaq:TLAB) made false and misleading statements and omissions regarding the Company's revenues which violated federal law. In question are statements and omissions by Tellabs' management made in Q4 of 2010 and later regarding revenue recognition. According to Johnson & Weaver, LLP, in 2010, the Company's revenues in North America slowed dramatically. During Q4 of 2010, management made material changes to the way revenues were recognized. The Company revealed this reporting adjustment in the following quarter (Q1 of 2011) and the stock dropped nearly 20% on January 25, 2011, with unusually heavy volume. Johnson and Weaver's investigation is ongoing and addresses the timeline of reporting issues, management awareness of these issues and the untimely disclosure to shareholders. Jim Baker, Lead Analyst for Johnson & Weaver, stated that, "Tellabs has made numerous conflicting statements and omissions and shareholders appear to have been misled." Baker continued, "What's interesting is that certain Tellabs insiders sold a significant amount of shares before the fourth quarter guidance in 2010 and sold more right before the revenue recognition change was revealed.” If you have information that could assist in this investigation or if you are Tellabs shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) or Frank Johnson (firstname.lastname@example.org) by email or by phone or at 619-230-0063. Johnson & Weaver, LLP is a nationally recognized shareholders' rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Johnson & Weaver, LLP619-230-0063Ext. 106 Frank Johnson email@example.comExt. 118 Jim Baker firstname.lastname@example.org