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Stull, Stull & Brody Announces Class Action Against Broadcom Corp.
NEW YORK, Mar 13, 2001 (BUSINESS WIRE) -- The following is an announcement by the law firm of Stull, Stull & Brody:
Notice is hereby given that a class action lawsuit was filed on March 12, 2001, in the United States District Court for the Central District of California, on behalf all persons who purchased the securities of Broadcom Corp. ("Broadcom" or the "Company") (NASDAQ: BRCM chart, msgs) between July 31, 2000 and February 27, 2001 (the "Class Period").
The defendants include: Broadcom, Henry T. Nicholas III, (CEO), William J. Ruehle (CFO), and Henry Samueli (CTO). The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). Specifically, as alleged in the complaint, the Company's reported revenue growth of 129% and 132% for the third and fourth quarter of fiscal 2000, respectively, over the prior year, as well as sequential quarterly revenue growth of 30% and 18%, were materially false and misleading because defendants overstated the Company's true revenues, growth rates and other financial performance by failing to properly disclose and account for the fact that the Company had purchased part of its revenues by giving customers millions of dollars worth of warrants for Broadcom stock in return for their orders. The complaint further alleges that, during its acquisitions of other companies, Broadcom had these companies go to their customers and get agreements for future product orders in return for warrants for the stock in the companies, which Broadcom agreed to and did convert to warrants for its own stock as part of the acquisitions. Furthermore, Broadcom would not account for these customer warrant transactions in accordance with Generally Accepted Accounting Principals ("GAAP").
Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 25 years and has obtained court approval of substantial settlements on numerous occasions.
If you bought the securities of Broadcom between July 31, 2000 and February 27, 2001, you may, no later than May 4, 2001, request the Court appoint you as lead plaintiff.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017.
Contact:
Stull, Stull & Brody
Tzivia Brody, Esq., 1-800-337-4983
SSBNY@aol.com
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