News on ASND Class Action Lawsuit
Thursday March 5, 9:04 pm Eastern Time
Company Press Release
Update On Class Action Against Ascend Communications, Inc.
LOS ANGELES--(BUSINESS WIRE)--March 5, 1998--This update is to notify the Ascend
Communications, Inc. (NASDAQ: ASND - news) securities litigation class members of the
occurrence of significant events that transpired on March 2, 1998 which directly impact the status of
the class action lawsuits that were filed with the United States District Court, Central District of
California (''the Central District Actions'') on behalf of stockholders who purchased Ascend
securities between November 5, 1996 and September 30, 1997 (the ''Class Period'').
On Monday, March 2, 1998, the Honorable Mariana R. Pfaelzer, United States District Court
Judge for the Central District of California, issued the following rulings pertaining to the Central
District Actions:
1) the seven Central District Actions were consolidated for all
purposes;
2) Plaintiffs' motion to have the Jakubowitz Plaintiffs appointed as
lead plaintiffs in all the Ascend Communications, Inc.
consolidated actions was granted;
3) the law firms of Weiss & Yourman and Stull, Stull & Brody were
appointed as Co-Lead Counsel to the plaintiff Class in all the
Ascend Communications consolidated actions; and,
4) Defendants' motion to transfer the Central District Actions to
the United States District Court for the Northern District of
California was denied.
Periodic updates concerning the status of the Ascend securities litigation will be posted on the Weiss
& Yourman website at www.wyca.com.
If you have any information about the allegations that Ascend and the Company's officers and
directors disseminated false and misleading statements about the Company's business, earnings and
growth prospects to inflate Ascend's stock price in violation of federal and state securities laws,
including Section 10(b) of the Securities Exchange Act of 1934 and Section 11 of the Securities Act
of 1933, or that the defendants knew, or recklessly disregarded, but failed to disclose to investors
that sales of Ascend's advanced modem products would all but cease because of, among other
things, serious software and firmware problems, please contact either Donald Urrabazo by calling
toll-free (800) 437-7918, or via Internet electronic mail at wyca@aol.com or by writing Weiss &
Yourman, 10940 Wilshire Blvd., 24th Floor, Los Angeles, CA 90024, or Edward Dietrich calling
toll-free (888) 388-4605, or by writing Stull, Stull & Brody, 10940 Wilshire Blvd., Suite 2300, Los
Angeles, CA 90024.
Contact:
Weiss & Yourman
Donald Urrabazo, 800/437-7918
wyca@aol.com
or
Stull, Stull & Brody
Edward Dietrich, 888/388-4605 |
