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Corporations Keyed to Hazen
Tellabs, Inc. v. Makor Issues & Rights, Ltd.
Citation:
551 U.S. 308 (2007)Facts
Petitioner Richard Notebaert was Tellabs’ chief executive officer and president Beginning on December 11, 2000, the shareholders allege, Notebaert falsely reassured public investors, in a series of statements that Tellabs was continuing to enjoy strong demand for its products and earning record revenues, when if fact, Notebaert knew the opposite was true. The shareholders claim Notebaert knowingly misled the public in four ways. First, he made statements indicating that demand for Tellabs’ flagship networking device was continuing to grow, when in fact demand for that product was waning. Second, Notebaert made statements indicating that the device was available for delivery. Third, he falsely represented Tellabs’ financial results for the fourth quarter of 2000. Fourth, Notebaert made a series of overstated revenue projections, when demand for the device, TITAN 500 was drying up and production of the TITAN 6500 was behind schedule. Based on Notebaert’s assessments, the shareholders contend market analysts recommended that investors buy Tellabs’ stock. On June 19, 2001, the last day of the class period, Tellabs disclosed that demand for the TITAN 5500 had significantly dropped. Simultaneously, the company substantially lowered its revenue projections for the second quarter of 2001. The next day, the price of Tellabs stock, plunged to a low of $15.87.
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