Levi & Korsinsky notifies investors that it has commenced an investigation of ADTRAN, Inc. ("ADTRAN" or "the Company") (NASDAQ: ADTN) concerning possible violations of federal securities laws.
On July 17, 2019, ADTRAN announced "preliminary" earnings for the second quarter of 2019 due to the Company's assessment of its current and previously reported E&O reserves. On this news, the price of ADTRAN fell over 23%, to close at $12.13 on July 18, 2019.
On August 12, 2019, ADTRAN disclosed its inability to timely file its quarterly financial report with the SEC, admitting to material weaknesses in its internal controls, resulting in a misstatement of the Company's previously reported E&O reserves.
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