Tellabs Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Tellabs, Inc. (“Tellabs” or “Company”) (NasdaqGS: TLAB) related to potential securities violations between October 26, 2010 and April 16, 2011 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Tellabs and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) Tellabs' fourth quarter 2010 revenue guidance factored in a change to a distribution agreement that would not have been recognized until the first quarter of 2011; (b) this shift in revenue recognition masked that Tellabs' business and revenues were declining substantially faster than represented to the public; (c) the Company's American business was slowing at a greater rate than represented to the public; and (d) as a result, the business, operations and prospects lacked a reasonable basis and when the true facts came to light, the shares dropped dramatically.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Tellabs business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Tellabs officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Tellabs/TLAB stock for all shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.