CASES
CommScope, Inc.
Class Period: Apr 29, 2008 to Oct 30, 2008
Lead Plaintiff Deadline: Jul 12, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against CommScope, Inc. (CTV) ("CommScope" or the "Company") on behalf of all securities purchasers from April 29, 2008 through October 30, 2008, inclusive ("Class Period"), in the United States District Court for the Western District of North Carolina.
The complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about CommScope's true financial condition, business and prospects. Specifically, defendants failed to disclose: (i) that the Company was experiencing weaker demand for its cabinet and apparatus products by certain telecommunication service providers; (ii) that the Company's distributors were working off existing inventory and not re-stocking the Company's products; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. On October 30, 2008, the Company announced its financial results for the third quarter of 2008, the period ended September 30, 2008. In response to the earnings announcement and the Company's reduced outlook for the fourth quarter and full year 2008, on October 31, 2008, shares of the Company's stock fell $5.48 per share, or 27%, to close at $14.71 per share, on unusually heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.