NEW ORLEANS, April 28, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 27, 2014 to file lead plaintiff applications in a securities class action lawsuit against The ADT Corporation (NYSE:ADT), if they purchased the Company's securities during the period between November 27, 2012 and January 29, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Florida.
What You May Do
If you purchased shares of ADT and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 27, 2014.
About the Lawsuit
ADT and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On November 25, 2013, ADT announced that it would repurchase the vast majority of board member Keith A. Meister and Corvex Management LP's ADT common stock position at an above-market price of $44.01 per share, and that Meister was resigning from ADT's Board effective immediately. On this news, the price of ADT common stock dropped nearly 10%.
Then, on January 30, 2014, ADT announced severely disappointing first quarter 2014 results, falling far short of ADT's previous guidance and Wall Street's consensus estimate. On this news, the price of ADT stock fell 17%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.