Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in Tellabs, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 25, 2013 Lead Plaintiff Deadline -- TLAB
STEVENSON, Md., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Tellabs, Inc. ("Tellabs" or the "Company") (Nasdaq: TLAB) common stock during the period between October 26, 2010 and April 26, 2011, inclusive (the "Class Period").
If you have suffered a net loss from investment in Tellabs, Inc. common stock purchased on or after October 26, 2010, and held through April 26, 2011, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 25, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's fourth-quarter 2010 revenue guidance had factored in a change to the distribution arrangement with a certain customer that would accelerate revenue recognition on substantial sales to the fourth-quarter 2010 that otherwise would not have been recognized until first-quarter 2011, masking that Tellabs' business and revenues were declining faster than represented in the fourth-quarter 2010 and that Tellabs' North American business was slowing faster than represented. According to the Complaint, following Tellabs' January 25, 2011 disclosure that the Company's fourth-quarter 2010 financial results had substantially benefitted from the anticipated change to the distribution arrangement with a customer and its April 26, 2011 disclosure revealing substantial weakness in its North American business as a result of slowing sales to one of its primary customers, the value of Tellabs shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.