Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Tekelec (NASDAQGS: TKLC). Tekelec designs, develops, manufactures, sells, and supports telecommunication products and services. It is a global provider of communication network software and systems that enable users to deliver an array of communications services including voice, text messaging, and mobile data services. Tekelec was founded in 1971 and is headquartered in Morrisville, North Carolina.
Robbins Umeda LLP’s investigation concerns whether Tekelec’s directors and officers damaged the company by causing or allowing it to issue improper statements regarding the company’s business and financial results. Specifically, our investigation concerns whether certain of Tekelec’s directors and officers touted the company’s expansion into emerging markets while failing to disclose that the company was experiencing credit, regulatory, and security difficulties in these markets, which had a material adverse effect on Tekelec’s orders, backlog, and operations.
On May 6, 2010, Tekelec issued a press release announcing its earnings for the first quarter ended March 31, 2010, which stated that revenue and orders were down for the first quarter of 2010. The same day, the company’s value dropped approximately 20%. On August 5, 2010, Tekelec issued a press release announcing its operating results for the quarter ended June 30, 2010, and stating that its revenue and orders were down for the second quarter of 2009. Upon this news, the company’s value dropped more than 9%.
If you are a shareholder of Tekelec, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.