NEW YORK, April 12, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Comtech Telecommunications Corp. ("Comtech" or the "Company") (NASDAQ: CMTL). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Comtech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 13, 2024, Comtech issued a press release announcing the termination of Ken Peterman as the Company's President and Chief Executive Officer, effective immediately, citing "conduct unrelated to Comtech's business strategy, financial results or previously filed financial statements." Separately, Comtech "announced that it plans to release its second quarter fiscal 2024 results after the market closes on Monday, March 18, 2024."
Following news of Peterman's termination, Comtech's stock price fell $1.57 per share, or 27.26%, to close at $4.19 per share on March 13, 2024.
Then, on March 18, 2024, Comtech reported dismal second quarter 2024 financial results, including a per-share non-GAAP loss of $0.15, missing consensus estimates by approximately $0.35, or around 130%.
On this news, Comtech's stock price fell $1.17 per share, or 25.43%, to close at $3.43 per share on March 19, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
