Here we go...
Wolf Haldenstein Adler Freeman and Herz
LLPAnnounces the Commencement of a
Securities Case Against CopperMountain
Networks, and Certain Directors and Officers
10-23-00 07:27 PM EST | NEW YORK--(BUSINESS WIRE)--Wolf
Haldenstein Adler Freeman & Herz LLP commenced a class action
lawsuit in the United States District Court for the Northern District of
California, on behalf of purchasers of the securities of Copper Mountain
Networks ("Copper Mountain" or the "Company") (NASDAQ:CMTN -
news) between April 18, 2000 and October 17, 2000, inclusive. A copy
of the complaint filed in this action is available from the Court, or can be
viewed on the Wolf Haldenstein website at www.whafh.com.
As detailed in the Complaint, defendants issued false and misleading
statements concerning Copper Mountain's financial well- being and
future prospects. Defendants also issued false statements indicating that
the Company's market was growing, when, in fact, it was declining at a
rapid pace.
On October 17, 2000, after the close of the market, the Company
disclosed that its customers were experiencing a serious financial
slowdown and were thus unable to obtain the necessary financing to
purchase the Company's products. These negative disclosures were in
stark contrast to the positive statements issued by the Company during
the Class Period. When the true state of Copper Mountain's fiscal
condition was disclosed, the market immediately reacted.
One day after the truth was revealed, the Company's common stock
dropped $17 per share, or 63%, from $26.875 per share to $9.875 per
share on a volume of 23 million shares. In just one day, Copper
Mountain suffered a market capitalization loss in excess of $867 million.
This is in sharp contrast to Copper Mountain's trading price during the
Class Period which reached over $125 per share on July 17, 2000 - a
Class Period high.
If you bought the securities of Copper Mountain securities during the
Class Period, you may, no later than December 21, 2000, request that
the Court appoint you as lead plaintiff. A lead plaintiff is a
representative party that acts on behalf of other class members in
directing the litigation.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and federal trial
and appellate courts across the country. The reputation and expertise of
this firm in shareholder and other class litigation has been repeatedly
recognized by the courts, which have appointed it to major positions in
complex securities multi-district and consolidated litigation.
In order to serve as lead plaintiff, you must meet certain legal
requirements. If you wish to discuss this action or have any questions,
please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270
Madison Avenue, New York, New York 10016, by telephone at (800)
575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, or Michael
Miske via e-mail at classmember@whafh.com, whafh@aol.com,
nespole@whafh.com, Gnespole@aol.com, or our website at
www.whafh.com.
All e-mail correspondence should make reference to Copper Mountain. |
