SAN FRANCISCO, June 07, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in ADT Inc. (NYSE:ADT) to the July 20, 2018 ADT IPO Lead Plaintiff deadline in the securities class action pending in the United States District Court for the Southern District of Florida. If you purchased or otherwise acquired securities of ADT pursuant or traceable to ADT’s initial public offering (IPO) priced during January 2018 and/or on the open market between January 15, 2018 and May 21, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/ADT
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On January 19, 2018, ADT conducted its IPO and issued approximately 105 million shares to investors at $14.00 per share.
By March 15, 2018, the Company reported a surprise adjusted loss for the fourth quarter of 2017. MarketWatch reported that day “ADT said it had net income of $638 million, or 99 cents a share, for the quarter, after a loss of $85 million, or 13 cents a share, in the year-earlier period”, “[t]he number included a $690 million tax benefit from the December tax revamp,” and “[e]xcluding special items, however, the company had a loss of 6 cents a share, while the FactSet consensus was for EPS of 10 cents.”
This news drove the price of ADT shares down $1.28, or about 12.5%, to close at $8.93 that day, which was approximately $5.07, or about 36%, lower than ADT’s IPO price.
“We’re focused on investors’ losses, Defendants’ apparently misleading boilerplate risk disclosures when those risks materialized before and during the IPO, and whether Defendants have more recently attempted to skirt SEC reporting guidelines about the use of non-GAAP financial measures,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding ADT should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ADT@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000