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Hagens Berman Investigating ADTRAN (ADTN) Inventory Accounting, Investors With Losses Should Contact Firm

Published: 2019-08-22 00:23:00 ET

SAN FRANCISCO, Aug. 21, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in ADTRAN, Inc. (NASDAQ: ADTN) to the firm's investigation of possible disclosure violations.

If you invested in ADTRAN before August 14, 2019and suffered losses or have information that may assist this investigation contact Hagens Berman:

https://www.hbsslaw.com/investor-fraud/ADTN

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing

ADTN@hbsslaw.com.

The firm's investigation concerns the Company's accounting for its excess and obsolete inventory reserves ("E&O reserves").

More specifically, on July 17, 2019, ADTRAN announced "preliminary" earnings for 2Q 2019 due to the Company's assessment of its current and previously reported E&O reserves. This news drove the price of ADTRAN shares down over 23% on July 18, 2019.

Then, on August 12, 2019, ADTRAN disclosed its inability to timely file its quarterly financial report with the SEC. The Company admitted to material weaknesses in its internal control resulting in a misstatement of the Company's previously reported E&O reserves.

"We're focused on investors' losses and whether ADTRAN intentionally misled investors by failing to timely write off unsalable inventory," said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding ADTRAN should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ADTN@hbsslaw.com.

About Hagens BermanHagens Berman is a national law with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:Reed Kathrein, 510-725-3000

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SOURCE Hagens Berman Sobol Shapiro LLP

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.