NEW YORK, April 29, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of shareholders who purchased The ADT Corporation ("ADT" or the "Company") (NYSE:ADT) stock between November 27, 2012 and January 29, 2014 (the "Class Period").
Click here to learn more: http://zlk.9nl.com/adt-adt or call: 877-363-5972.
The complaint alleges that throughout the Class Period, defendants issued false and misleading statements concerning the Company's financial condition and business prospects for fiscal 2013 and 2014. In truth, ADT was experiencing reduced demand outside of its ADT Pulse brand, accelerating churn rate and attrition, and increased advertising and service costs, which all impacted its recurring revenue, margins, and earnings. On November 25, 2013, the Company announced in a press release that ADT planned to repurchase the majority of board member Keith A. Meister and Corvex Management LP's ADT common stock at an above-market price of $44.01 per share. In response, ADT's stock price dropped almost 10% to $40.85 per share. On January 30, 2014, the Company issued another press release announcing extremely disappointing first quarter 2014 results. Once again the Company's stock price fell nearly 17% from $37.81 per share to $31.40 per share.
If you suffered a loss in ADT you have until June 27, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/adt-adt.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.