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