Wechsler Harwood Halebian & Feffer LLP Announces That The Deadline Quickly Approaching to File Class Action Against 3Com Corp. and Its Officers and Directors Alleging Securities Laws Violations and Insider Trading
NEW YORK--(BUSINESS WIRE)--June 23, 1999--The following was released today from Wechsler Harwood Halebian & Feffer LLP:
Wechsler Harwood Halebian & Feffer LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of 3Com Corp. (''3Com'')(Nasdaq:COMS - news) common stock during the period between September 22, 1998 and March 2, 1999 (the ''Class Period'').
The complaint charges 3Com and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that beginning in September 1998, defendants made false and misleading statements about 3Com's first quarter of 1999 Earnings Per Share (''EPS''), the purported ongoing demand for 3Com's Systems Products (especially its new flagship CoreBuilder 900 switch) and 3Com's Client Access Products, 3Com's increased operational efficiencies, channel inventory controls and cost savings, and the progress 3Com claimed it was making with its new and supposedly improved business model.
The complaint further alleges that during 3Com's first and second fiscal quarters of 1999, 3Com's insiders also used $130.4 million of 3Com's cash to repurchase 4.3 million 3Com shares on the open market to help manipulate and artificially inflate the stock price, in order to facilitate the insiders' selling of their own shares at much higher prices.
If you are a member of the class described above, you may, not later than 60 days from May 11, 1999, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action, or have any questions concerning this notice or your rights or interests with respect to this matter, please contact Stuart D. Wechsler, Esq., or Jeffrey B. Silverstein, Esq. at Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, through our web site at whhf.com, by e-mail at swechsler@whhf.com, jsilv@whhf.com or by telephone on the firm's toll free line, 877-935-7400.
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Contact:
Wechsler Harwood Halebian & Feffer LLP, New York
Stuart D. Wechsler, Esq.
Jeffrey B. Silverstein, Esq.
488 Madison Avenue, New York, New York 10022
or
through our web site at:
www.whhf.com
or by e-mail at swechsler@whhf.com, jsilv@whhf.com
or by telephone on the firm's toll free line:
877-935-7400 |
