Key Developments: Tellabs Inc (TLAB.OQ)

TLAB.OQ on NASDAQ Stock Exchange Global Select Market

2.31USD
1 Aug 2013
Price Change (% chg)

$0.07 (+3.12%)
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Latest Key Developments (Source: Significant Developments)

Tellabs Inc Names Larry Rieger As Acting CFO
Friday, 12 Jul 2013 04:30pm EDT 

Tellabs Inc announced that it appointed Lawrence A. (Larry) Rieger its acting Chief Financial Officer (CFO), effective immediately. Rieger succeeds Tom Minichiello, who resigned to become CFO at Westell.  Full Article

Tellabs Inc Announces Management Changes
Friday, 28 Jun 2013 04:30pm EDT 

Tellabs Inc announced that Tom Minichiello, acting chief financial officer, is resigning from the Comapny effective July 12, to become chief financial officer at Westell, a global telecom equipment provider.  Full Article

Tellabs Inc Optical LAN Solution To Be Distributed by WESCO International Inc
Thursday, 13 Jun 2013 09:00am EDT 

Tellabs Inc announced that it has entered into a distribution agreement with WESCO International Inc a leading global supply chain solutions provider of data communications, security, and electrical products and services, to distribute Tellabs' Optical LAN solution through its subsidiary Communications Supply Corporation (CSC). The agreement will broaden the availability of Tellabs' Optical LAN for U.S. businesses, government agencies and other organizations. WESCO will build on its relationships with value-added resellers, system integrators and other supply chain partners to facilitate sales, deployment and maintenance support for U.S. customers.  Full Article

Tellabs Inc CFO Andrew Szafran Resigns-AP
Monday, 20 May 2013 02:58pm EDT 

The Associated Press reported that Andrew B. Szafran, executive vice president and chief financial officer of Tellabs Inc, has resigned from Tellabs for personal reasons, unrelated to Tellabs operations, financial reporting or business outlook. Tom Minichiello, Tellabs vice president, finance and chief accounting officer, will serve as acting CFO. Tellabs shares fell 12 cents, or 5.7%, to $2.04 in Monday afternoon trading.  Full Article

Tellabs Inc Announces Management Changes
Wednesday, 1 May 2013 05:00pm EDT 

Tellabs Inc announced that Board of Directors has elected Vincent H. Tobkin as chairman of the Board of Directors of Tellabs. He succeeds Michael J. Birck, Tellabs' co-founder and chairman, who retired effective as of the end of the Annual Stockholder Meeting.  Full Article

Tellabs Inc Issues Q2 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Friday, 26 Apr 2013 02:00pm EDT 

Tellabs Inc announced that for second quarter of 2013, it expects revenue to be in the range of $200-$220 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $215 million for second quarter of 2013.  Full Article

Robbins Arroyo LLP Announces Investigation of Tellabs Inc
Monday, 8 Apr 2013 02:17pm EDT 

Shareholder rights law firm Robbins Arroyo LLP announced that it is investigating whether officers and directors of Tellabs Inc breached their fiduciary duties to shareholders. Tellabs designs, develops, and supports telecommunication networking products in the United States and internationally. Robbins Arroyo LLP Investigates Potential Misstated Financial Results in Tellabs' Previously Filed Financial Statements for 2010 and 2011 Robbins Arroyo LLP is investigating whether Tellabs improperly recognized revenue and artificially inflated its stock price by filing potentially false and misleading financial reports for fiscal years 2010 and 2011. On January 25, 2011, the Company issued a press release announcing fourth quarter 2010 revenue of $410.5 million, consistent with previous expectations. However, in a conference call later that day, Tellabs disclosed that due to the adoption of new accounting standards, the Company recognized revenue in fourth quarter 2010 that would have previously been recognized in the first quarter of 2011. After factoring in this change, Tellabs' fourth quarter 2010 revenue declined $20.8 million from the $410.5 million as previously reported, to only $389.7 million. On this news, Tellabs shares declined $1.35 per share or 20% to close on January 25, 2011 at $5.69 per share.  Full Article

Law Offices of Todd M. Garber Announces Investigation of Tellabs Inc
Wednesday, 13 Mar 2013 06:30pm EDT 

The Law Offices of Todd M. Garber announced that it is investigating potential claims against Tellabs Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Tellabs between October 26, 2010 and April 26, 2011 were false and misleading concerning the Company`s business, operations, and financial prospects. The investigation is related to allegations that the Company misrepresented or failed to disclose that: (a) in the fourth quarter of 2010, the Company was changing its distribution arrangement with a customer; (b) this change to the distribution arrangement masked that Tellabs` business was declining substantially faster than the Company had represented to the public; (c) the Company's North American business was slowing at a greater rate than the Company had represented to the public; and (d) as a result of the above, the defendants` positive statements about the Company's business, operations, and prospects lacked a reasonable basis.  Full Article

Levi & Korsinsky Notifies Investors With Losses On Their Investment In Tellabs Inc. Of Class Action Lawsuit And Deadline Of March 25, 2013 To Seek Lead Plaintiff Position
Thursday, 7 Mar 2013 04:34pm EST 

Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Tellabs Inc. (Tellabs or the Company) stock between October 26, 2010 and April 16, 2011. The Complaint alleges that throughout the Class Period the defendants made false and misleading statements and/or failed to disclose material adverse facts about Tellabs' business, operations and prospects. Specifically, defendants misrepresented and/or failed to disclose that: (a) in the fourth quarter of 2010, the Company was changing its distribution arrangement with a customer; (b) this change to the distribution arrangement masked that Tellabs' business was declining substantially faster than it represented to the public; (c) the Company's North American business was slowing at a greater rate than represented; and (d) as a result of the above, the defendants' positive statements about the Company's business, operations and prospects lacked a reasonable basis.  Full Article

Johnson & Weaver, LLP Announces Investigation Of Accounting Irregularities And Misleading Statements By Tellabs Inc
Thursday, 14 Feb 2013 03:14pm EST 

Johnson & Weaver, LLP announced that it has commenced an investigation into whether Tellabs Inc. made false and misleading statements and omissions regarding the Company's revenues which violated federal law. In question are statements and omissions by Tellabs` management made in Q4 of 2010 and later regarding revenue recognition. According to Johnson & Weaver, LLP, in 2010, the Company's revenues in North America slowed. During Q4 of 2010, management made material changes to the way revenues were recognized. The Company revealed this reporting adjustment in the following quarter (Q1 of 2011) and the stock dropped nearly 20% on January 25, 2011, with unusually heavy volume.  Full Article

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