CMTL - Comtech Telecommunications (CMTL) Stumbles After CEO Ouster and Accounting Concerns – Hagens Berman | Benzinga
SAN FRANCISCO, June 05, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Comtech Telecommunications Corp. (NASDAQ:CMTL) investors who suffered substantial losses to take action by submitting your losses here.
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Next-generation 911 emergency communication company Comtech Telecommunications Corp. (CMTL) has faced a tumultuous period in recent months, raising questions about the Melville-based company's financial health and future prospects.
Shifting Strategies and Financial Worries
Under CEO Ken Peterman, Comtech implemented the "One Comtech" strategy, aiming to unify previously independent business units. This approach reportedly led to five quarters of revenue growth. However, cracks began to show in Dec. 2023.
Comtech's earnings report for the quarter ended October 31, 2023, raised a "going concern" flag, indicating doubt about the company's ability to meet its financial obligations. The report also revealed that Comtech had depleted most of its credit line and ...
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