San Diego, CA -- (ReleaseWire) -- 07/01/2013 -- An investor, who purchased shares of Tetra Tech, Inc. (NASDAQ:TTEK), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Tetra Tech, Inc. in connection with certain allegedly false and misleading statements that were made b between May 3, 2012 and June 18, 2013.
Investors who purchased shares of Tetra Tech, Inc. (NASDAQ:TTEK) between May 3, 2012 and June 18, 2013 and / or those who purchased NASDAQ:TTEK shares prior to May 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlins running. Deadline: August 27, 2013. Tetra NASDAQ:TTEK investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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’ 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, NASDAQ:TTEK shares closed at $23.51 per share, which is significantly below its current 52 week High of $31.49 per share.
Those who purchased shares of Tetra Tech, Inc. (NASDAQ:TTEK), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego