March 31, 2021 - The court granted the defendants' motion to dismiss.

June 16, 2020 - A motion to dismiss the consolidated complaint was filed.

April 30, 2020 - A consolidated complaint was filed.

January 6, 2020 - The case was transferred to the U.S. District Court of the Northern District of Alabama.

October 17, 2019 - An investor in shares of ADTRAN, Inc. (NASDAQ: ADTN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by ADTRAN, Inc. in connection with certain allegedly false and misleading statements made between February 28, 2019 and October 9, 2019.

Huntsville, AL based ADTRAN, Inc. provides networking and communications equipment worldwide. ADTRAN, Inc. reported that its annual Total Revenue declined from $666.90 million in 2017 to $529.27 million in 2018 and that its respective Net Income decreased from $23.84 million in 2017 to a Net Loss of $19.34 million in 2018.

On July 17, 2019, ADTRAN, Inc. announced “preliminary” earnings for the second quarter of 2019 due to the Company’s assessment of its current and previously reported E&O reserves.

On August 12, 2019, ADTRAN, Inc. disclosed its inability to timely file its quarterly financial report with the SEC, admitting to material weaknesses in its internal controls, resulting in a misstatement of the Company’s previously reported E&O reserves.

Then, on October 9, 2019, after-market, the Company announced that its “revenue this quarter has been significantly impacted by a pause in shipments to a Tier 1 customer in Latin America and the continued slowdown in the spending at an international Tier 1 customer.” Shares of ADTRAN, Inc. (NASDAQ: ADTN) declined to as low as $8.90 per share on October 10, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of ADTRAN, Inc. (NASDAQ: ADTN) common shares between February 28, 2019 and October 9, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 28, 2019 and October 9, 2019, the Defendants failed to disclose to investors: (1) that there were material weaknesses in the Company’s internal control over financial reporting; (2) that, as a result, certain E&O reserves had been improperly reported; (3) that, as a result, the Company’s financial results for certain periods were misstated; (4) that there would be a pause in shipments to the Company’s Latin American customer; and (5) 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.