LOS ANGELES, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Plantronics, Inc. (“Plantronics” or the “Company”) (NYSE: PLT) investors who purchased securities between July 2, 2018 and November 5, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
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, the Company’s stock price fell $14.44 per share, or nearly 37%, to close at $25.00 per share on November 6, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired Plantronics securities during the Class Period, you may move the Court no later than January 13, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com