Faruqi & Faruqi, LLP has been Appointed Co-Lead Counsel in the Derivative Litigation Against ADT Corporation
On July 16, 2014, the United States District Court for the Southern District of Florida appointed Faruqi & Faruqi, LLP as co-lead counsel for the newly consolidated case, In re The ADT Corporation Derivative Litigation, Lead Case No. 14-80570-CIV-DIMITROULEAS/SNOW.
The action alleges that defendants made false and misleading statements and failed to disclose that: (i) ADT had experienced reduced non-Pulse demand; (ii) the Company's churn rate and attrition was accelerating; (iii) ADT's advertising and service costs were increasing; and (iv) the Company had been relying on its aggressive share repurchases to artificially inflate its reported earnings per share ("EPS").