Tetra Tech Inc (NASDAQ: TTEK) Investor Securities Class Action Lawsuit 06/28/2013

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Company Name(s): 
Tetra Tech
Case Name: 
Tetra Tech Shareholder Class Action Lawsuit 06/28/2013
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: TTEK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/28/2013
Class Period Begin: 
05/03/2012
Class Period End: 
06/18/2013
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
08/27/2013
Case Dismissed: 
04/24/2014
Summary: 

April 24, 2014 - The lead plaintiff filed a notice of voluntary dismissal.

January 17, 2014 - The court granted defendants' motion to dismiss without prejudice.

November 29, 2013 - Defendants filed a motion to dismiss.

October 30, 2013 - The lead plaintiff filed an amended consolidated complaint.

October 1, 2013 - The lead plaintiff and lead counsel were appointed.

August 27, 2013 - Lead plaintiff motions were filed.

June 28, 2013 - An investor in shares of Tetra Tech Inc (NASDAQ: TTEK) filed a lawsuit in the U.S. District Court for the Central District of California against Tetra Tech Inc over alleged violations of Federal Securities Laws Laws in connection with certain allegedly false and misleading statements made between May 3, 2012 and June 18, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Tetra Tech Inc (NASDAQ: TTEK) between May 3, 2012 and June 18, 2013, that Tetra Tech Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Tetra Tech Inc reported that its Total Revenue rose from over $1.38 billion for the 52 weeks period that ended on Sept. 27, 2009 to over $2.02 billion for the 52 weeks period that ended on Sept. 30, 2012 and that its Net Income for those respective time periods increased from $87.03 million to $104.38 million. Shares of Tetra Tech Inc (NASDAQ: TTEK) grew from slightly under $19 in September 2011 to as high as $31.47 per share in March 2013.

However, the plaintiff alleges that between May 3, 2012 and June 18, 2013 defendants made allegedly false and/or misleading statements and/or failed to disclose that claims by customers and cost overruns created an acute risk that Tetra Tech Inc would be required to take an earnings charge, and that decreasing demand for Tetra Tech Inc’ s services would lead to project closures.

Then on June 18, 2013, Tetra Tech Inc announced that it revised its third quarter 2013 outlook and authorized $100 Million stock repurchase program. Tetra Tech Inc announced that it revised its third quarter 2013 outlook to reflect increased restructuring costs resulting from the previously announced weakness in Eastern Canada and mining, and new findings on certain project claims. In addition, Tetra Tech Inc announced that it plans to incur charges to resolve certain project claims in its third quarter. Tetra Tech Inc said that the charges will affect the revenue and profitability of all three reportable segments and in the third quarter, revenue, net of subcontractor costs, is now expected to range from $440 million to $490 million, and, based on these charges, diluted loss per share is expected to range from $0.30 to $0.50.

Shares of Tetra Tech Inc (NASDAQ: TTEK) declined from $26.71 per share on June 18, 2013, to $22.77 per share on June 19, 2013.

On June 28, 2013, Tetra Tech Inc (NASDAQ: TTEK) shares closed at $23.51 per share, which is significantly below its current 52 week High of $31.49 per share.