Tekelec (Nasdaq: TKLC) was No. 1 on a list Thursday that no company ever wants.

The networking gear and software company led Nasdaq’s biggest percentage price decline of the day as its shares plunged 29 percent to close at $8.36.

Traders dumped Tekelec after the company cut its revenue forecast for 2011 as part of its quarterly financials that were announced before the markets opened Thursday.

At one point, Tekelec traded as low as $8.14.

Shares closed Wednesday at $11.73.

The tumultuous day and results led to the Colorado law firm Dyer & berens LLP filing a class action law suit on behalf of Tekelec investors who purchased shares between Feb. 11 and Aug. 5 of last year.

Read about the earnings report here.

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