NEW YORK, Nov. 13, 2018
NEW YORK, Nov. 13, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Lumentum Holdings ("Lumentum" or the "Company") (NASDAQ: LITE). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Lumentum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 12, 2018, Lumentum, which supplies parts for Apple Inc.'s iPhone devices, disclosed that a large unnamed customer had cut its orders, forcing Lumentum to lower its sales and profit forecasts less than two weeks after releasing those forecasts. Lumentum announced that it now expects net revenue for the quarter in the range of $335 million to $355 million, compared with its prior range of $405 million to $430 million, and earnings per share of $1.15 to $1.34, down from the previous estimate of $1.60 to $1.75.
On this news, Lumentum's stock price fell $18.45 per share, or nearly 33%, to close at $37.50 per share on November 12, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980