PLANTRONICS SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Plantronics, Inc. To Contact The Firm
New York, New York--(Newsfile Corp. - November 22, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Plantronics, Inc. (NYSE: PLT) ("Plantronics" or the "Company") of the January 13, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Plantronics stock or options between July 2, 2018 and November 5, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/PLT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Plantronics securities between July 2, 2018 and November 5, 2019 (the "Class Period"). The case, Bassuk v. Plantronics, Inc. et al., No. 19-cv-07481 was filed on November 13, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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.
During after-market hours 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, Plantronics's share price fell from $39.44 per share on November 5, 2019 to a closing price of $25.00 on November 6, 2019: a $14.44 or a 36.6% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Plantronics's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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