SOURCE: Brower Piven, A Professional Corporation

January 14, 2011 15:13 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Tekelec to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 7, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - January 14, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of North Carolina on behalf of purchasers of the common stock of Tekelec ("Tekelec" or the "Company") (NASDAQ: TKLC) during the period between February 11, 2010 and August 05, 2010, inclusive (the "Class Period").

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 March 7, 2011 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 the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class that the Company was experiencing known but undisclosed difficulties in fulfilling orders in the emerging markets in general and in India in particular due to security and regulatory issues; that the Company's customers in the emerging markets were experiencing known but undisclosed credit issues causing them to delay purchases; and that the Company was experiencing a sharp decline in new orders that was reasonably likely to have a material adverse effect on the Company's backlog and operating results. According to the complaint, after, on August 5, 2010, Tekelec issued a press release announcing its operating results for the quarter ended June 30, 2010 reflecting a decline in orders, the value of Tekelec stock declined significantly.

If you have suffered a net loss for all transactions in Tekelec common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. 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.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact