|Company:||Comtech Telecommunications Corp|
|Class Period:||Sep-17-08 to Mar-9-09|
|Lead Plaintiff Deadline:||Oct-3-09|
|Court:||Eastern District of New York|
The complaint alleges that defendants deceived the investing public regarding Comtech's business, operations and management and the intrinsic value of Comtech common stock. As a result, the Company's stock traded at artificially inflated prices during the Class Period. Specifically, the complaint alleges that during the Class Period, defendants lacked a reasonable basis for their positive statements about the Company, its prospects, and its revenue and earnings projections because: (a) the Company was experiencing negative trends in its commercial satellite earth station and encoder bookings, as well as commercial RF Amplifier bookings; (b) the Company's sales from its Mobile Data Communications division were weakening outside of its one order with the U.S. Army Movement Tracking System; (c) the Company was experiencing difficulty integrating the Radyne acquisition and was not generating the synergies expected from the acquisition; and (d) the Company's costs were rising in excess of internal forecasts, reducing profit margins.
On March 9, 2009, Comtech issued a press release in which announced its financial results for the fiscal second quarter of 2009. It also released drastically reduced revenue and earnings guidance for 2009. In response to the announcements, the price of Comtech common stock fell $12.97 per share, or approximately 37%, to close at $22.48 per share, on extremely heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.