DALLAS -- (Business Wire)
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor, LLP announce that the firms are investigating legal claims
against the officers and Board of Directors of Tellabs, Inc. (“Tellabs”
or “Company”) (NasdaqGS: TLAB) related to potential securities
violations between October 26, 2010 and April 16, 2011 (the “Class
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via
e-mail at firstname.lastname@example.org.
There is no cost or fee to you.
In a recently filed federal class action complaint, Tellabs and certain
of its officers and directors were charged with violating certain
provisions of the Securities Exchange Act of 1934. Specifically, the
complaint alleges that defendants misrepresented and/or failed to
disclose that: (a) Tellabs’ fourth quarter 2010 revenue guidance
factored in a change to a distribution agreement that would not have
been recognized until the first quarter of 2011; (b) this shift in
revenue recognition masked that Tellabs’ business and revenues were
declining substantially faster than represented to the public; (c) the
Company’s American business was slowing at a greater rate than
represented to the public; and (d) as a result, the business, operations
and prospects lacked a reasonable basis and when the true facts came to
light, the shares dropped dramatically.
“Recent revelations about alleged improper business practices and
procedures regarding key aspects of Tellabs business and other
misleading financial statements have prompted the firms to investigate
possible breaches of fiduciary duties and other violations of state law
by Tellabs officers and directors. Based on our investigation, we are
prepared to pursue litigation to preserve the company and the value of
Tellabs/TLAB stock for all shareholders,” said shareholder rights
attorney Patrick Powers.
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Zachary Groover, 877-728-9607
Source: Powers Taylor, LLP
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