Thursday May 9, 10:31 am Eastern Time
Press Release
SOURCE: The Neiman Law Firm
The Law Firms of Neiman, Garland and Urbach Announce Class Action Against JDS Uniphase Corp.
NEW YORK--(BUSINESS WIRE)--May 9, 2002--The Law Firms Jeffrey Neiman, Joseph Garland and Mel Urbach filed a class action against JDS Uniphase Corporation (Nasdaq: JDSU - news) (the "Company") and certain of its officers and directors in the U.S. District Court for the Northern District of California, on behalf of all purchasers of of JDS Uniphase securities between July 27, 1999 and July 26, 2001, inclusive (the "Class Period").
The complaint charges JDS Uniphase and certain of its officers and directors with violations of the federal securities laws. It alleges, among other things, that during the Class Period Defendants were motivated to inflate the price of JDS Uniphase stock so the Company could make acquisitions using inflated stock and so the Individual Defendants, top officers and directors of JDS Uniphase, could sell their own shares at inflated prices. The Company also misrepresented, the complaint asserts, the success of its largest acquisitions, including Optical Coating Labs, Cronos Integrated Microsystems, E-Tek Dynamics, and SDL, Inc. The Individual Defendants and the Company's controlling shareholder took advantage of the inflation by selling or disposing of 25.2 million shares of their Company stock for proceeds of $2.1 billion. On July 26, 2001, JDS Uniphase announced a restatement of its March 31, 2001 results, the write-off of $44 billion in goodwill associated with certain acquisitions, inventory write-downs, and earnings per share for the 2001 fiscal year of $0.16, with an expected loss of $0.15 per share in its fiscal 2002. On this news, JDS Uniphase shares dropped to $7.90 - 94% below their Class Period high of $146.32.
If you purchased JDS Uniphase stock between July 27, 1999 and July 26, 2001, inclusive, you may move to be appointed lead plaintiff no later than May 26, 2002. If you do not wish to be lead plaintiff, you need not take any action at this time. You may retain counsel of your own choice. Plaintiff seeks to recover damages on behalf of the Class and is represented by, among others, The Neiman Law Firm and Klein & Solomon, LLP (Joseph P. Garland, of counsel), both in New York, and the Law Office of Mel Urbach, in New Jersey. |
