Science & Technology
Science and Technology
Science and Technology
Fri, January 7, 2011
Thu, January 6, 2011
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Tekelec
NEW YORK--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/tekelec/ ]) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Eastern District of North Carolina on behalf of purchasers of the common stock of Tekelec (aTekeleca or the aCompanya) (NASDAQ:TKLC) between February 11, 2010 and August 5, 2010 inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934 (the aExchange Acta).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffa™s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/tekelec/ ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Tekelec and certain of its officers and executives with violations of the Exchange Act. Tekelec engages in the design, development, manufacture, marketing, sale, and support of telecommunications products and services.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Companya™s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the Company was experiencing known but undisclosed difficulties in fulfilling orders in the emerging markets in general and in India in particular due to security and regulatory issues; (ii) that the Companya™s customers in the emerging markets were experiencing known but undisclosed credit issues causing them to delay purchases; (iii) that the Company was experiencing a sharp decline in new orders that was reasonably likely to have a material adverse effect on the Companya™s backlog and operating results; and (iv) that, as a result of the foregoing, defendantsa™ representations concerning their avisibilitya into the Companya™s earnings were materially false and misleading.
On August 5, 2010, Tekelec issued a press release announcing its operating results for the quarter ended June 30, 2010. In response to the announcement, the price of Tekelec common stock fell more than 9% on heavy trading volume as the remaining artificial inflation came out of the stock price.
Plaintiff seeks to recover damages on behalf of all purchasers of Tekelec common stock during the Class Period (the aClassa). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.
