CMTL - Comtech Telecommunications (CMTL) Faces Investor Backlash Amidst Stock Plunge According to Hagens Berman | Benzinga
SAN FRANCISCO, April 30, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Comtech Telecommunications Corp. (NASDAQ:CMTL) investors who suffered substantial losses to take action by submitting your losses here.
Website: www.hbsslaw.com/investor-fraud/cmtl
Contact An Attorney Now: CMTL@hbsslaw.com Phone: 844-916-0895
Comtech Telecommunications Corp. (CMTL) Investigation:
1. The "One Comtech" Strategy Unravels: Under the leadership of CEO Ken Peterman, Comtech had championed the "One Comtech" strategy, which aimed to unify the company's previously independent and siloed businesses. This strategic shift reportedly led to five consecutive quarters of revenue growth. However, recent cracks in the company's façade of success have raised concerns.
On Dec. 7, 2023, Comtech disclosed a troubling financial situation, expressing doubt about its ability to fund operations for the next 12 months and repay a credit facility due in Oct. 2024. The market responded swiftly, with Comtech shares plummeting by $3.71 (29%) on Dec. 8, 2023.
2. CEO Termination and SEC Filings Delay: Further turmoil ensued when, on Mar. 12, 2024, ...
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