INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Plantronics, Inc. & ...
27 Dezembro 2019 - 10:40PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Northern District of California on behalf of those who acquired
Plantronics, Inc. (“Plantronics” or the “Company”) (NYSE: PLT)
securities during the period from July 2, 2018 through November 5,
2019 (the “Class Period”). Investors have until January 13, 2020 to
apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that Plantronics failed to disclose that:
(i) the Company had engaged in channel stuffing to artificially
boost sales; (ii) the Company’s internal control over inventory
levels was not effective; and (iii) the Company had not adequately
monitored inventory levels ahead of multiple product launches,
where the new models would displace demand for aging products.
On November 5, 2019, the Company announced disappointing second
quarter 2020 results, decreased earnings guidance, and disclosed
that it would reduce channel inventory by $65 million.
On this news, the Company’s stock price fell $14.44 per share,
or 36.6%, to close at $25.00 per share on November 6, 2019.
If you acquired Plantronics securities, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191227005294/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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