Melville-based Comtech Telecommunications Corp. said investors who filed a federal lawsuit charging that executives failed to disclose negative information about the company are seeking to dismiss the case.
In July, investors including Pompano Beach (Fla.) Police & Firefighters’ Retirement System charged that executives’ actions resulted in “artificially inflated” stock prices between Sept. 17, 2008, and March 9, 2009.
Melville attorney Samuel Rudman filed a complaint on behalf of the investors, seeking class-action status. The complaint said that Comtech, chief executive Fred Kornberg, above left, and CFO Michael Porcelain violated federal securities laws by failing to disclose negative information about the company.
Comtech said this week that the plaintiffs had filed a motion to dismiss the suit after “apparently concluding that there was no merit to maintaining the class action lawsuit.”
Kornberg said he was “pleased that the plaintiffs have apparently agreed with our position that this case was without merit,” in a statement.
Rudman did not return calls seeking comment.
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