San Diego, CA -- (ReleaseWire) -- 06/25/2014 -- An investor, who currently holds NYSE:ADT shares, filed a lawsuit against directors of ADT Corp over alleged breaches of fiduciary duties.
Investors who are current long term stockholder in ADT Corp (NYSE:ADT) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors had ADR Corp repurchased millions of shares at allegedly inflated prices that cost the company more than $300 million.
ADT Corp currently faces a lawsuit over alleged securities laws violations. The plaintiff in that lawsuit alleges that the defendants between November 27, 2012 and January 29, 2014 disseminated allegedly false and misleading statements to the investing public about ADT Corp’s financial condition and future business prospects for fiscal 2013 and 2014, including representations concerning ADT Corp’s strong current financial condition and bullish forecasts of future financial results. The plaintiff says that ADT Corp was experiencing reduced non-Pulse demand, accelerating churn rate and attrition, and increased advertising and service costs, all of which were negatively impacting ADT Corp’s recurring revenue, margins and earnings, such that the Company did not have a reasonable basis for its 2013 and 2014 quarterly and full-year financial forecasts and that as a result of defendants’ statements, ADT Corp‘s stock traded at allegedly artificially inflated prices between November 27, 2012 and January 29, 2014, trading as high as $49.73 per share on March 13, 2013
On November 25, 2013, ADT Corp announced that it has entered into an agreement to repurchase 10.24 million shares of ADT common stock beneficially owned by Corvex Management LP, at a purchase price of $44.01 per share. Shares of ADT Corp (NYSE:ADT) declined from $44.01 per share on November 22, 2013, to $38.14 per share on January 27, 2014.
Then on January 30, 2014, ADT Corp reported its first quarter 2014 results. Shares of ADT Corp (NYSE:ADT) declined from $38.09 per share on January 29, 2014, to $28.85 per share on February 3, 2014 and continued to decline to as low as $28.08 per share on March 14, 2014.
On June 23, 2014, NYSE:ADT shares closed at $34.66 per share.
Those who purchased shares of ADT Corp (NYSE:ADT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego