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Comtech Telecommunications Corporation (NASDAQ: CMTL) Investor Securities Class Action Lawsuit 07/14/2009

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Lawsuit Overview

Case Dismissed
Company
Comtech Telecommunications Corporation
Security
NASDAQ: CMTL

Case Name
Comtech Telecommunications Corporation Shareholder Class Action Lawsuit 07/14/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 22, 2010 - The lead plaintiff filed a notice of voluntary dismissal.
September 29, 2010 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 13, 2009 - Lead plaintiff motions were filed.

July 23, 2009 - Another investor filed a complaint.

July 14, 2009 - An investor in shares of Comtech Telecommunications Corporation (NASDAQ: CMTL) filed a lawsuit in the U.S. District Court for the Eastern District of New York on behalf of purchasers of Comtech Telecommunications Corporation (NASDAQ: CMTL) common stock between September 17, 2008 and March 9, 2009 over alleged securities laws violations.

According to the complaint the plaintiff alleges that Comtech Telecommunications Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between September 17, 2008 and March 9, 2009 materially false and misleading statements regarding its business prospects. Then, on March 9, 2009, Comtech Telecommunications Corporation issued a press release announcing its financial results for the fiscal second quarter of 2009, the period ended January 31, 2009. In response to Comtech Telecommunications Corporation’s drastic reduction in its revenue and earnings guidance for 2009, the price of Comtech Telecommunications Corporation common stock (NASDAQ: CMTL) fell $12.97 per share, or approximately 37%, to close at $22.48 per share, on extremely heavy trading volume, so the lawsuit.

Comtech Telecommunications Corporation, located in Melville, NY, designs, develops, produces and markets products, systems and services for communications solutions. Comtech Telecommunications Corporation conducts its business through three business segments: telecommunications transmission, mobile data communications and radio frequency (RF) microwave amplifiers. Comtech Telecommunications Corporation reported in 2007 Total Revenue of $445.68million with a Net Income of $65.21million and in 2008 Total Revenue of $531.63million with a Net Income of $76.43million. Shares of Comtech Telecommunications Corporation (NASDAQ: CMTL) traded recently at $32.45 per share, down from a 52weekHigh of $51.21 per share and $56.38 per share in 2007.