Posts tagged “Tekelec”
In a filing with the SEC, Tekelec spells out to its employees the changes that are coming as the company goes private in a $780 million deal with Siris, a private equity firm. While the management team will remain in place, a reorganization and layoffs announced in May will continue, the company says.
Telecommunications gear and software firm Tekelec, which is based in Morrisville, is being acquired by a private equity firm in a deal valued at some $780 million. The deal was announced early Monday.
The company's shares plummeted in value from a 52-week high of $13.98 to a low of $5.64 as its revenues declined, its chief executive officer left and its work force was cut 15 percent.
News about a big sale and increase in revenues send shares surging 23 percent to close at $9.21 in New York, the biggest advance since August 2002. The stock has dropped 23 percent this year.
Ron de Lange, who joined the telecommunications gear and software company in 2005, replaces interim CEO Krish Prabhu. De Lange also joins the Tekelec board.
The Morrisville gear maker reported first quarter financials Thursday noting a 7 percent drop in revenue from a year ago with plans to cut its global workforce by 10 to 15 percent as part of a corporate restructuring in 2011.
The networking communications gear and software company takes a huge financial hit after cutting its 2011 revenue forecast. A law firm files a class action suit in wake of a disastrous day on Wall Street.
The network management software and equipment manufacturer reports a 27 percent drop in fourth quarter revenue. The Morrisville-based firm also says revenues this year could fall as much as $44 million.
The Morrisville-based maker of telecommunications whose chief executive officer resigned this week says it will fight the suit "vigorously."
The networking gear and software firm says Frank Plastina stepped down Tuesday but will serve as a consultant for the next year. Board member Krish Prabhu takes over as interim CEO.