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Business Associations Keyed to Coffee, 9th Ed.
Tellabs, Inc. v. Makor Issues & Rights, Ltd.
Citation:
551 U.S. 308 (2007)Facts
Between December 2000 and June 2001, Tellabs’ CEO Richard Notebaert allegedly made a series of false statements about the company’s financial health. He claimed demand for Tellabs’ flagship networking device (TITAN 5500) was growing when it was actually declining, stated that the next-generation device (TITAN 6500) was ready for delivery with strong demand when it wasn’t ready and demand was weak, misrepresented financial results for the fourth quarter of 2000, and made overstated revenue projections. The company allegedly engaged in “channel stuffing” by flooding customers with unwanted products. When Tellabs finally disclosed in June 2001 that demand for the TITAN 5500 had significantly dropped and lowered revenue projections, the stock price plunged from a high of $67 during the class period to $15.87. Shareholders filed a class action alleging securities fraud violations of § 10(b) and Rule 10b-5, claiming Notebaert knowingly misled investors about the company’s true financial condition.
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