TEKELEC Global Inc (NASDAQ: TKLC) Investor Securities Class Action Lawsuit 01/06/2011

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Company Name(s): 
TEKELEC
Case Name: 
TEKELEC Shareholder Class Action Lawsuit 01/06/2011
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: TKLC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/06/2011
Class Period Begin: 
02/11/2010
Class Period End: 
08/05/2010
Court of Filing: 
U.S. District Court for the Eastern District of North Carolina
Deadline To File for Lead: 
03/07/2011
Case Dismissed: 
03/22/2013
Summary: 

March 22, 2013 - The court granted the defendants motions to dismiss and denied the lead plaintiffs' request to file a third amended complaint.

May 30, 2012 - Defendants filed a motion to dismiss.

May 4, 2012 - The lead plaintiffs filed a corrected second amended complaint.

April 30, 2012 - The lead plaintiffs filed a second amended complaint.

March 26, 2012 - The court granted the defendants motion to dismiss. The amended complaint is dismissed without prejudice. The lead plaintiffs may file a second amended complaint.

August 29, 2011 - Defendants filed a motion to dismiss.

June 30, 2011 - The lead plaintiffs filed an amended complaint.

April 28, 2011 - Lead plaintiffs and lead counsel were appointed.

March 7, 2011 - Lead plaintiff motions were filed.

January 6, 2011 - An investor in Tekelec Global Inc filed a lawsuit in the U.S. District Court for the Eastern District of North Carolina against Tekelec Global Inc over alleged violations of Federal Securities Laws.

According to the class action complaint the plaintiff alleges on behalf of purchasers of the common stock of Tekelec Global Inc (NASDAQ: TKLC) between February 11, 2010 and August 5, 2010 that Tekelec Global Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between February 11, 2010 and August 5, 2010 material adverse facts about Tekelec Global Inc’s true financial condition, business and prospects.

Tekelec Global Inc reported between 2006 and 2009 12 months Total Revenue ranging from $431.80million to lately $63.26million. Its Net Income ranged from a Net Loss of $35.34million in 2007 to a Net income of $86.06million in 2006.

For the first three quarters in 2010 Tekelec Global Inc reported a combined 9months Total Revenue of $333.81million with a combined 9months Net Income of $23.01million.

Then on August 5, 2010, Tekelec Global Inc issued a press release announcing its operating results for the quarter ended June 30, 2010. In response to the announcement, the price of Tekelec Global Inc common stock fell more than 9% on heavy trading volume as the remaining artificial inflation came out of the stock price. Shares of Tekelec Global Inc traded during 2006 as low as $10.13 and as high as $16.42 per share, during 2008 TKLC shares increased to as high as $17.58 per share and during 2009 as high as $19.15 per share.

In 2010 TKLC shares increased from $14.55 per share in February to $19.08 in April 2010 before falling to as low as $10.81 in August.