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SAN FRANCISCO, March 28, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Comtech

Telecommunications Corp. (NASDAQ: CMTL) investors who suffered substantial

losses to submit your losses now

(https://www.globenewswire.com/Tracker?data=ofwCSyjPl0A30B1fwSfzLZIeXLJplQLFpSxgmOvemVi66ufbg3-DI4RsmWDmjapR0pmKg9GiG6p5bSnWGvKiQi2mGpTqVfpLeXHk3wdiPzKt-De6wGIS6xfYpu9HgHQt).

Visit: www.hbsslaw.com/investor-fraud/cmtl

Contact An Attorney Now: CMTL@hbsslaw.com

  844-916-0895

Comtech Telecommunications Corp. (CMTL) Investigation:

Shares in Comtech are trading down more than 70% since early Dec. 2023 after

the Melville, New York-based telecommunications company has revealed a series

of disappointing news, causing the company’s stock to plummet and prompting

leading investor rights firm Hagens Berman to open an investigation into

possible violations of the U.S. securities laws.

Over the past year, Comtech CEO Ken Peterman repeatedly touted the “One

Comtech” strategy implemented under his leadership, which unified the

company’s 14 independent, siloed businesses and reportedly spurred Comtech

to posting five consecutive quarters of revenue growth.

But cracks in the Company’s façade of success began to emerge on Dec. 7,

2023, when the company disclosed a “going concern” that its cash flow will

be enough to fund operations over the next 12 months and repay a credit

facility due in Oct. 2024. This news sent the price of Comtech shares crashing

$3.71, or 29% lower on Dec. 8, 2023.

Then, on Mar. 13, 2024, Comtech announced that its board of directors fired

Peterman for cause. Though the company claimed the firing was unrelated to the

company’s business strategy or financial results, Comtech provided some

color for the reason for Peterman’s ouster by stating, “The Board is

committed to upholding the highest standards of ethical and professional

conduct.”

The company also announced that it would not timely file its quarterly

financial statements with the SEC. This news sent the price of Comtech shares

down $1.57, or 27% lower that day.

Then, on Mar. 18, 2024, under the interim CEO, Comtech reported dismal Q2 2024

financial results. For the quarter, Comtech posted revenue of only 134.2

million, which badly missed consensus estimates and represented a 12% decrease

over the prior quarter.

In downgrading Comtech, analysts at Jeffries expressed concern about the

company’s burgeoning unbilled receivables (i.e., revenue the company had

recognized before invoicing the end customer).

This news sent the price of Comtech shares down as much as $1.49, or 32% lower

during intraday trading on Mar. 19, 2024.

“The investigation centers on whether Comtech’s firing of CEO Ken Peterman

was truly unrelated to the Company’s business strategy, financial results

and prior financial statements,” said Reed Kathrein, the Hagens Berman

partner leading the investigation.

If you invested in Comtech Telecommunications and have substantial losses, or

have knowledge that may assist the firm’s investigation, submit your losses

now

(https://www.globenewswire.com/Tracker?data=ofwCSyjPl0A30B1fwSfzLZIeXLJplQLFpSxgmOvemVgtz7QqEjl90LsJirInk52zK0bPjJwifDhxtnn4oGp1FbNdSjyDGcYAbKugE6tPhuyCl8BKlaKrPRyPnRJl6FGD)

»

If you’d like more information and answers to frequently asked questions

about the Comtech Telecommunications investigation, read more

(https://www.globenewswire.com/Tracker?data=mwoPfRGvHihcscPxSGDLtFcT8IGMzznk451biFM_-h5YZhqqpOXJ-xFqpZbwWtlDG3HpWGhoxH30FIxvb7ZikCINBeSq9lsZjj3t8NRv5hDhQlaOSIwBLrfhd1atVH1w0v6jfXY65PoD-HTxJZpNUktSn59nVHrT2eySw-cESNQ=)

»

(https://www.globenewswire.com/Tracker?data=BGOoPalhAPh3GOsZXmpYH8aZOmQsa6t228kC87EbmapsU57X1Kh6tu9_AzZDHApKG76FOx6FXDFNVF4_ZlhtwHTPJi3Cx9EtgHFsWjt74KcasWIWVh0_tSv5MgoQtWitXAOq3KjHK3ptpyxWG29fQQ==)

Whistleblowers: Persons with non-public information regarding Comtech

Telecommunications should consider their options to help in the investigation

or take advantage of the SEC Whistleblower program. Under the new program,

whistleblowers who provide original information may receive rewards totaling

up to 30 percent of any successful recovery made by the SEC. For more

information, call Reed Kathrein at 844-916-0895 or email CMTL@hbsslaw.com.

About Hagens Berman

(https://www.globenewswire.com/Tracker?data=iNI9M0Dz19uLUkVHZFCxmn-Iep6nHG0_Fe52pgQZIbl8JeaVGcx49_m5Lw_ctDAx4XGqr5GWtp4t4JSSmGva60beiuym54S6orVHLSSkfTo=)

Hagens Berman is a global plaintiffs’ rights complex litigation law firm

focusing on corporate accountability through class-action law. The firm is

home to a robust securities litigation practice and represents investors as

well as whistleblowers, workers, consumers and others in cases achieving real

results for those harmed by corporate negligence and fraud. More about the

firm and its successes can be found at hbsslaw.com

(https://www.globenewswire.com/Tracker?data=0LlVLzcblrp--4VtZwR8FEXnK76bBxj6TySTEdMYzZBR5F8rh1IuUsukuWum5lT02vcdDWiJhA8eF0WEwlLSGw==).

Follow the firm for updates and news at @ClassActionLaw. 

Attorney advertising.

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices. 

Contact:

Reed Kathrein, 844-916-0895

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GlobeNewswire, Inc. 2024