TERN Lawset filed alleging misreprentations.
FYI, this just hit the streets. - Mark
Thursday April 13, 5:48 pm Eastern Time
Company Press Release
Milberg Weiss Files Class Action Suit Against Terayon Communications
Systems, Inc. and Its Officers and Directors Alleging Misrepresentations
SAN DIEGO--(BUSINESS WIRE)--April 13, 2000--Milberg Weiss
(http://www.milberg.com/terayon/) today announced that a class action has
been commenced in the United States District Court for the Central District
of California on behalf of purchasers of Terayon Communications Systems,
Inc. (``Terayon') (Nasdaq:TERN - news) publicly traded securities during
the period between February 2, 2000 and April 11, 2000 (the ``Class
Period').
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please contact
plaintiff's counsel, William Lerach, Darren Robbins or Michael Swick of
Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com. You can join
this class action online at milberg.com.
The complaint charges Terayon and certain of its officers, directors and
company insiders with violations of the Securities Exchange Act of 1934.
This action involves defendants' dissemination of materially false and
misleading statements concerning, among other things, the certification of
the Company's proprietary S-CDMA cable modem technology by CableLabs (the
industry regulating organization), the Company's financial condition and
their effects on the Company's operations. The complaint alleges that
defendants' scheme: (i) deceived the investing public regarding Terayon's
business, new product capabilities and acceptability as an industry standard
technology, foreseeable product demand, growth, operations and the intrinsic
value of Terayon common stock; (ii) allowed defendants to register and/or
sell over $439 million worth of Terayon shares at artificially inflated
prices via share-for-share acquisitions of other companies, which
acquisitions also allowed defendants to appropriate valuable proprietary
technologies previously owned by other companies; (iii) allowed Company
insiders, several of whom are named as defendants herein, to sell over
71,000 shares of their privately held Terayon common stock, during the Class
Period, while in possession of materially adverse, undisclosed information,
allowing them to reap proceeds of at least $15.9 million; and (iv) caused
plaintiff and other members of the Class to purchase Terayon common stock at
artificially inflated prices.
Plaintiff seeks to recover damages on behalf of all purchasers of Terayon
publicly traded securities during the Class Period (the ``Class'). The
plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who
has expertise in prosecuting investor class actions and extensive experience
in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation,
emphasizing securities and antitrust class actions, for more than 30 years.
The firm has offices in New York, San Diego, San Francisco, Los Angeles and
Boca Raton and is active in major litigation pending in federal and state
courts throughout the United States. The firm's reputation for excellence
has been recognized on repeated occasions by courts which have appointed the
firm to major positions in complex multi-district or consolidated
litigations. Milberg Weiss has taken a lead role in numerous important
actions on behalf of defrauded investors, and has been responsible for a
number of outstanding recoveries which, in the aggregate, total
approximately $2 billion.
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Contact:
Milberg Weiss Bershad Hynes & Lerach
William Lerach, 800/449-4900
wsl@mwbhl.com |
