WILMINGTON, DE / ACCESSWIRE / November 19, 2019 / Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Plantronics, Inc. (NYSE:PLT)?
- Did you purchase your shares between July 2, 2018 and November 5, 2019, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Plantronics, Inc. ("Plantronics" or the "Company") (NYSE:PLT) between July 2, 2018 and November 5, 2019, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Plantronics during the Class Period, or purchased shares prior to the Class Period and still hold Plantronics, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company's internal control over inventory levels was not effective; (3) that the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 5, 2019, the Company disclosed a $65 million reduction in channel inventory "by reducing sales to channel partners" and slashed its fiscal 2020 guidance, expecting revenue between $1.72 billion and $1.81 billion and adjusted EBITDA between $282 million and $323 million. Plantronics also reported that its Executive Vice President of Global Sales was leaving the Company.
On this news, shares of Plantronics fell over 36%, closing at $25.00 per share on November 6, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 13, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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SOURCE: Rigrodsky & Long P.A.