CMTL Investors with Substantial Losses Encouraged to Contact Hagens Berman, National Trial Attorneys
SAN FRANCISCO, CA / ACCESSWIRE / March 20, 2024 / Hagens Berman urges Comtech Telecommunications Corp. (NASDAQ:CMTL) investors who suffered substantial losses to submit your losses now.
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Comtech Telecommunications Corp. (CMTL) Investigation:
Comtech Telecommunications Corp. shares are trading down nearly 40% over the last week after the company sacked its CEO for cause and delivered disappointing quarterly results. The timing and circumstances of these recent events have prompted Hagens Berman, a prominent investors' rights law firm, to open an investigation into potential violations of the U.S. securities laws.
The Melville, NY-based communications company surprised investors on Mar. 13, 2024, when it announced that its Board of Directors had fired President & CEO Ken Peterman for cause and stated Peterman will also no longer serve on the company's board. In the press release, current board member and newly elected board chair Mark Quinlan said, "The board is committed to upholding the highest standards of ethical and professional conduct."
Though the company claimed Peterman's firing was unrelated to the company's business strategy or financial results, the company also announced that it would not timely file its quarterly financial statements with the SEC. Peterson's termination also came just two days after Ellen M. Lord, a member of the Audit Committee, resigned from her position on the Board of Directors.
Then, on Mar. 18, 2024, Comtech reported dismal Q2 2024 financial results. For the quarter, Comtech posted a per share non-GAAP loss of $0.15, which badly missed consensus estimates by about $0.35 (or about 130%).
These events have caused Comtech shares to decline sharply.
"We're investigating whether Comtech and its management may have made misrepresentations and omissions to investors," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.
If you invested in Comtech Telecommunications and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Comtech Telecommunications investigation, read more »
Whistleblowers: Persons with non-public information regarding Comtech Telecommunications should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CMTL@hbsslaw.com .
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895
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SOURCE: Hagens Berman Sobol Shapiro LLP
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