Plantronics, Inc. (PLT)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Plantronics, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Plantronics, Inc. ("Plantronics" or the "Company")(NYSE:PLT) of the January 13, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Plantronics stock or options between July 2, 2018 and November 5, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Plantronics securities between July 2, 2018 and November 5, 2019 (the "Class Period"). The case, Bassuk v. Plantronics, Inc. et al., No. 19-cv-07481 was filed on November 13, 2019.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company’s internal control over inventory levels was not effective; (3) that the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

During after-market hours on November 5, 2019, the Company disclosed a $65 million reduction in channel inventory "by reducing sales to channel partners" and slashed its fiscal 2020 guidance, expecting revenue between $1.72 billion and $1.81 billion and adjusted EBITDA between $282 million and $323 million. Plantronics also reported that its Executive Vice President of Global Sales was leaving the Company.

On this news, Plantronics's share price fell from $39.44 per share on November 5, 2019 to a closing price of $25.00 on November 6, 2019: a $14.44 or a 36.6% drop.

Contact us

Plantronics, Inc. (PLT)

Loading captcha, please wait...

* The submission of this form does not create an attorney-client relationship.

Details

Filed on 11/15/2019

Ticker NYSE:PLT

Lead Plaintiff Deadline 01/13/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

Our Offices


Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania