Science & Technology
Science and Technology
Science and Technology
Fri, January 14, 2011
Thu, January 13, 2011
Wed, January 12, 2011
The Briscoe Law Firm Investigates Tekelec on Behalf of Shareholders for Possible Breaches of Fiduciary Duties by its Officers a
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of [ Powers Taylor LLP ] are investigating potential legal claims against the Board of Directors of Tekelec (NASDAQ: TKLC).
It has been alleged that during the time period of February 11, 2010 through August 5, 2010 (the aclass perioda) Tekelec and certain of its executive officers violated federal securities laws by issuing material misrepresentations to the market concerning Tekeleca™s business, operations and prospects, thereby artificially inflating the price of Tekelec securities. Specifically, a recently-filed federal complaint alleges that Tekelec and certain of its executive officers failed to disclose: (i) that Tekelec 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 Tekeleca™s customers in the emerging markets were experiencing known but undisclosed credit issues causing them to delay purchases; (iii) that Tekelec was experiencing a sharp decline in new orders that was reasonably likely to have a material adverse effect on Tekeleca™s backlog and operating results; and (iv) that, as a result of the foregoing, defendantsa™ representations concerning their avisibilitya into Tekeleca™s earnings were materially false and misleading.
Moreover, it is further alleged that during the Class Period, certain of Tekeleca™s top executives and/or directors sold approximately 195,000 Tekelec shares at artificially inflated prices for proceeds of approximately $3.5 million.
If you currently own or purchased Tekelec/TKLC shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ] or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm 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.
