Company Website:
http://www.johnsonandweaver.com
SAN DIEGO -- (Business Wire)
Shareholder rights law firm Johnson & Weaver, LLP has commenced an
investigation into whether Tellabs Inc. (Nasdaq:TLAB)
made false and misleading statements and omissions regarding the
Company’s revenues which violated federal law. In question are
statements and omissions by Tellabs’ management made in Q4 of 2010 and
later regarding revenue recognition.
According to Johnson & Weaver, LLP, in 2010, the Company’s revenues in
North America slowed dramatically. During Q4 of 2010, management made
material changes to the way revenues were recognized. The Company
revealed this reporting adjustment in the following quarter (Q1 of 2011)
and the stock dropped nearly 20% on January 25, 2011, with unusually
heavy volume.
Johnson and Weaver’s investigation is ongoing and addresses the timeline
of reporting issues, management awareness of these issues and the
untimely disclosure to shareholders. Jim Baker, Lead Analyst for Johnson
& Weaver, stated that, "Tellabs has made numerous conflicting statements
and omissions and shareholders appear to have been misled." Baker
continued, "What’s interesting is that certain Tellabs insiders sold a
significant amount of shares before the fourth quarter guidance in 2010
and sold more right before the revenue recognition change was revealed.”
If you have information that could assist in this investigation or if
you are Tellabs shareholder and are interested in learning more about
the investigation or your legal rights and remedies, please contact Jim
Baker (jimb@johnsonandweaver.com) or
Frank Johnson (frankj@johnsonandweaver.com)
by email or by phone or at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
Contacts:
Johnson & Weaver, LLP
619-230-0063
Ext. 106 Frank Johnson frankj@johnsonandweaver.com
Ext.
118 Jim Baker jimb@johnsonandweaver.com
Source: Johnson & Weaver, LLP