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Ciena Corporation : Zeldes & Haeggquist, LLP Announces Investigation of Ciena Corporation (CIEN)

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03/08/2012 | 03:20pm CET

Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into possible violations of the federal securities laws by Ciena Corporation, its CEO Gary Smith and its CFO James Moylan.

If you purchased shares of Ciena (NASDAQ:CIEN) between December 9, 2010 and June 7, 2011 (the "Class Period") and would like additional information regarding this investigation, or if you have information regarding the matters under investigation, please contact attorney Amber L. Eck at 619-342-8000 or by email at [email protected].

Ciena is a Maryland-based global supplier of telecommunications networking equipment, software and services that are used in telecommunications networks operated by telecommunications service providers, cable operators, governments and enterprises.

In March 2010, Ciena completed the acquisition of Nortel's Metro Ethernet Networks ("MEN") division for $773.8 million.

In press releases and SEC filings, Ciena promised investors that its integration efforts were succeeding and that they were on target to meet an aggressive 2011 operating plan, including achieving significant revenue growth and 7%-10% operating margins by the end of the 4Q 2011. Ciena attributed this to the success of its integration efforts, the strength of its product offerings, strong demand for Ciena's high margin switching gear and skillful execution of its business plan.

The investigation focuses on whether Ciena issued false and misleading statements to investors during the Class Period, including whether Ciena failed to disclose that it was having difficulty ramping up international sales, that the integration of the MEN division was not proceeding as budgeted, and that it was not on track to meet its operating plan revenue growth, operating expense, gross margin or operating margin targets for fiscal 2011.

After Ciena disclosed its actual 2Q 2011 financial results and downgraded its 3Q 2011 results, the Company's stock price fell from $29.24 per share on March 4, 2011 to close at $20.29 on June 8, 2011.

Zeldes & Haeggquist is a full-service law firm which brings major class actions nationwide on behalf of defrauded investors and consumers and handles a variety of complex business litigation matters. Please visit www.zhlaw.com for more information.

Zeldes & Haeggquist, LLP
Amber L. Eck, 619-342-8000
[email protected]

© Business Wire 2012
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More news
Financials ($)
Sales 2017 2 793 M
EBIT 2017 339 M
Net income 2017 151 M
Finance 2017 60,2 M
Yield 2017 -
P/E ratio 2017 20,89
P/E ratio 2018 16,42
EV / Sales 2017 1,01x
EV / Sales 2018 0,90x
Capitalization 2 884 M
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 28,8 $
Spread / Average Target 42%
EPS Revisions
Gary B. Smith President, Chief Executive Officer & Director
Patrick H. Nettles Executive Chairman
James E. Moylan Chief Financial Officer & Senior Vice President
Stephen B. Alexander Chief Technology Officer & Senior Vice President
Lawton Wehle Fitt Independent Director
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