Wednesday May 1, 1:00 pm Eastern Time
Press Release
SOURCE: Keller Rohrback L.L.P.
Keller Rohrback L.L.P. Files Securities Fraud Class Action On Behalf Of JDS Uniphase Corp. (JDSU) Shareholders
SEATTLE, WA--(INTERNET WIRE)--May 1, 2002 -- Seattle's Keller Rohrback L.L.P. (http://www.seattleclassaction.com/jdsuniphase.htm) filed a securities fraud case yesterday, in the United States District Court for the Northern District of California, on behalf of purchasers of JDS Uniphase Corp. ("JDSU" or the "Company") (NASDAQ:JDSU - news) securities between July 27, 1999 and July 26, 2001 (the "Class Period").
Shareholders allege that JDSU and certain of its officers and directors issued a series of false and misleading statements concerning the Company's business and financial condition during the Class Period. Specifically, it is alleged that during the Class Period, defendants were motivated to inflate the value of JDSU stock so that the Company could make acquisitions using stock and so the Individual Defendants, who are the top officers and directors of JDSU, could sell 25.2 million shares of their own JDSU stock for proceeds of $2.1 billion.
Then, on July 26, 2001, JDSU announced the restatement of its third quarter results for fiscal 2001, the write-off of $44 billion in goodwill associated with its acquisitions, inventory write-downs, that earnings per share for fiscal 2001 would be only $0.16, and that it would incur a loss of $0.15 per share in fiscal 2002. On this news, JDSU shares dropped to as low as $7.90 -- more than 94% below the Class Period high of $146.32.
If you purchased JDSU securities between July 27, 1999 and July 26, 2001, inclusive, you may wish to join the securities class actions that have been filed. You may move the court to serve as a lead plaintiff no later than May 24, 2002. In order to serve as a lead plaintiff, you must meet certain legal requirements. You are not required to serve as lead plaintiff, however, in order to preserve your rights as a class member.
If you wish to discuss this announcement, have information relevant to the investigation, or have questions on how to join as a class representative in any securities class action, you may contact Jen Veitengruber, our securities paralegal, or any member of our team (Attorneys Lynn Sarko, Juli Farris and Elizabeth Leland) via e-mail at investor@kellerrohrback.com, toll free at 800/776-6044, or on-line at www.SeattleClassAction.com.
Keller Rohrback L.L.P. is a Seattle based law-firm that has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars. |
