NUFO might get a bit of a pop in the morning.
biz.yahoo.com
Tuesday March 26, 4:15 pm Eastern Time
Press Release
SOURCE: New Focus, Inc.
New Focus Wins Dismissal of Shareholder Class Action Lawsuit
SAN JOSE, Calif., March 26 /PRNewswire-FirstCall/ -- New Focus, Inc., (Nasdaq: NUFO - news), a leading supplier of innovative products serving the telecommunications, test and measurement, and photonics tools markets, today announced that the company has successfully defended its position in the shareholder class action lawsuit filed against the company, its directors, and certain officers in March 2001. The lawsuit asserted violations of federal securities laws arising from the company's January 30, 2001 announcement of revenue guidance for fiscal year 2001. On February 15, 2002, the United States District Court for the Northern District of California entered an order to dismiss the suit without prejudice. In dismissing the action, the court provided the plaintiffs with the opportunity to file an amended complaint within thirty days after the date of the order. The plaintiffs did not file an amended complaint before this deadline, thus concluding the lawsuit.
``We are extremely pleased with the federal court's dismissal of the shareholder class action lawsuit. From the beginning of this suit we felt that the claims of the plaintiffs were weak and unfounded. In a strongly worded decision the court agreed with our view and ruled favorably on our motion to dismiss the suit. By winning at this point in the legal process, the lawsuit will not proceed to the costly and time-consuming discovery stage, which precedes a jury trial or settlement hearing. Additionally, the company's legal defense costs are fully reimbursable under our insurance coverage,'' said Clark Harris, chairman, president and chief executive officer of New Focus, Inc.
The Palo Alto law firm of Wilson Sonsini Goodrich & Rosati represented New Focus and its directors and officers in the lawsuit.
About New Focus:
New Focus manufactures differentiated optical and radio-frequency (RF) products for the next-generation communication networks and other photonics markets. New Focus' product portfolio includes tunable lasers for both test and measurement and network applications, high speed opto-electronic devices, and advanced photonics tools. Founded in 1990, the company remains a leader in the creation of advanced optical products for the commercial and research marketplaces. The company is headquartered in San Jose, California and has operations in Camarillo, California, Madison, Wisconsin, and Shenzhen, China.
For more information about New Focus visit the company's Internet home page at newfocus.com, call our Investors Relations Department at 408-284-NUFO, or e-mail us at investor@newfocus.com.
SOURCE: New Focus, Inc. |
