STEVENSON, Md., April 30, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of The ADT Corporation ("ADT" or the "Company") (NYSE: ADT ) common stock during the period between November 27, 2012 and January 29, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in ADT common stock purchased on or after November 27, 2012 and held through the revelation of negative information on November 25, 2013 and/or January 30, 2014, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html .
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 27, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that ADT was experiencing reduced non-Pulse demand, accelerating churn rate and attrition, and increased advertising and service costs, all of which were negatively impacting ADT's recurring revenue, margins and earnings, such that the Company did not have a reasonable basis for its 2013 and 2014 quarterly and full-year financial forecasts. According to the complaint, following the Company's November 25, 2013 announcement that the Company would repurchase the vast majority of board member Keith A. Meister and Corvex Management LP's ADT common stock at an above-market price and that Meister was resigning effective immediately and the January 30, 2014 announcement that the Company's first quarter 2014 results fell far short of ADT's previous guidance and Wall Street's consensus estimate, the value of ADT shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
