NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of
Plantronics, Inc. ("Plantronics" or the "Company") (NYSE: PLT)
between July 2, 2018 and November 5, 2019, inclusive (the "Class
Period"). The lawsuit filed in the
United States District Court for the Northern District of
California alleges violations of
the Securities Exchange Act of 1934.
If you purchased PLT securities, and/or would like to discuss
your legal rights and options please visit Plantronics
Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action 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, 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 November 5, 2019, after the
market closed, the Company disclosed a $65
million reduction in channel inventory "by reducing sales to
channel partners" and slashed its fiscal 2020 guidance, expecting
revenue between $1.72 billion and
$1.81 billion and adjusted EBITDA
between $282 million and $323 million.
On this news, the Company's stock price fell $14.44 per share, or nearly 37%, to close at
$25.00 per share on November 6, 2019, on unusually heavy trading
volume.
If you purchased Plantronics securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/plantronicsinc-plt-shareholder-class-action-lawsuit-stock-fraud-216/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 13, 2020. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP