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Securities Regulation Keyed to Cox
Makor Issues & Rights, Ltd. v. Tellabs, Inc.
Citation:
513 F.3d 702 (2008)Facts
Tellabs manufactured fiber optic equipment with two key products: the TITAN 5500 (its flagship product accounting for over half its sales) and the TITAN 6500 (the announced successor). From December 2000 through June 2001, CEO Notebaert and the company made repeated public statements that the 6500 was “available now,” that customers were “embracing” it, that demand was “very strong,” and that the 5500 was “still going strong” despite being nearly ten years old. In reality, not a single 6500 system shipped during this period, the product was still in beta testing and failing performance tests, and Tellabs was channel stuffing the 5500 by flooding customers with tens of millions of dollars of unrequested units that were being returned in such volume that the company had to lease extra storage space. The fiber-optics market was collapsing, with Tellabs’s largest customer reducing orders by fifty percent. When the truth emerged in June 2001, Tellabs’s stock price plummeted from a peak of sixty-seven dollars to under sixteen dollars, and the company’s revenues and profits dropped dramatically.
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