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Tuesday March 6, 11:32 am Eastern Time
Press Release
Savett Frutkin Podell & Ryan, P.C. Announces Class Action Lawsuit Against Broadcom Corp.
PHILADELPHIA--(BUSINESS WIRE)--March 6, 2001--Savett Frutkin Podell & Ryan, P.C. hereby gives notice that a class action complaint has been filed in the United States District Court for the Central District of California on behalf of a class of persons who purchased the common stock of Broadcom Corp. (``Broadcom'') (NASDAQ:BRCM - news) during the period between October 18, 2000 and February 26, 2001 (``Class Period'') and who were damaged thereby.
The complaint charges Broadcom and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Broadcom is a provider of highly integrated silicon solutions that enable broadband digital transmission of voice, video and data to and throughout the home and within the business enterprise. The complaint alleges that during the Class Period, defendants made positive but false statements about Broadcom's results and business, while concealing information about agreements with certain companies it acquired, which essentially resulted in Broadcom buying its own revenues. As a result, Broadcom's stock traded at artificially inflated levels, permitting the three individual defendants to sell $45.8 million worth of their Broadcom stock.
Then, on February 27, 2001, The Wall Street Journal published an article on Broadcom entitled ``Warrant Deals Raise Concerns on Broadcom,'' in which analysts and accounting experts questioned the ``legitimacy'' of the transactions and termed the agreements ``troubling.'' Broadcom's stock immediately dropped, falling 16% to $53, before closing at $53.625 on February 27, 2001, and falling to $49.25 on February 28, 2001.
The Plaintiffs seek to recover damages on behalf of all purchasers of Broadcom common stock during the Class Period. Plaintiffs are represented by Savett Frutkin Podell & Ryan, P.C. which has extensive experience representing shareholders in class actions and has successfully recovered hundreds of millions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex class actions.
If you are a member of the proposed Class, you may contact this firm at the telephone number or addresses below for information concerning the lawsuit. If you wish to be appointed lead plaintiff in this action you must file a motion with the Court no later than 60 days from March 5, 2001. Class members must meet certain legal requirements to serve as a lead plaintiff. If you purchased Broadcom common stock during the Class Period or have questions or information regarding this action or your rights, you may call or write Barbara A. Podell, Robert P. Frutkin or Renee C. Nixon, of Savett Frutkin Podell & Ryan. P.C. at 800/993-3233 or via e-mail at mail@savettlaw.com. All e-mail correspondence should indicate your mailing address. Information will be mailed to you at your request.
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Contact:
Savett Frutkin Podell & Ryan, P.C., Philadelphia
Barbara A. Podell
Robert P. Frutkin
Renee C. Nixon
215/923-5400 or 800/993-3233
E-mail: mail@savettlaw.com
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Monday March 5, 6:30 pm Eastern Time
Press Release
Milberg Weiss Files Class Action Suit Against Broadcom Corp.
SAN DIEGO--(BUSINESS WIRE)--March 5, 2001--Milberg Weiss (http://www.milberg.com/broadcom/) today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Broadcom Corp. (``Broadcom'') (NASDAQ:BRCM - news) common stock during the period between Oct. 18, 2000 and Feb. 26, 2001 (the ``Class Period'').
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@milberg.com. You can join this class action online at milberg.com.
The complaint charges Broadcom and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Broadcom is a provider of highly integrated silicon solutions that enable broadband digital transmission of voice, video and data to and throughout the home and within the business enterprise. The complaint alleges that during the Class Period, defendants made positive but false statements about Broadcom's results and business, while concealing material adverse information about agreements with certain companies it acquired, which essentially resulted in Broadcom buying its own revenues. As a result, Broadcom's stock traded at artificially inflated levels, permitting the three individual defendants to sell $45.8 million worth of their Broadcom stock.
Then, on 2/27/01, The Wall Street Journal published an article on Broadcom entitled ``Warrant Deals Raise Concerns on Broadcom,'' in which analysts and accounting experts questioned the ``legitimacy'' of the transactions and termed the agreements ``troubling.'' Broadcom's stock immediately dropped, falling 16% to $53, before closing at $53.625 on 2/27/01, and falling to $49.25 on 2/28/01.
Plaintiffs seek to recover damages on behalf of all purchasers of Broadcom common stock during the Class Period (the ``Class''). The plaintiffs are represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.
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Contact:
Milberg Weiss Bershad Hynes & Lerach LLP
William Lerach at 800/449-4900
wsl@mwbhl.com |
