Class Action Suit Filed Against Anadigics
Monday March 2, 6:06 pm Eastern Time
Company Press Release
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Anadigics, Inc.
SEATTLE--(BUSINESS WIRE)--March 2, 1998--The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. on behalf of its
client, who, on March 2, 1998, filed a lawsuit in the United States District Court for the District of New Jersey, on behalf of purchasers of the common stock of
Anadigics, Inc. (NASDAQ: ANAD - news) during the period between Oct. 16, 1997 and Jan. 29, 1998, inclusive.
The complaint charges that Anadigics and certain officers and directors of the Company during the relevant time period violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, by, among other things, misrepresenting Anadigics' operations and business.
Specifically, the Complaint alleges that defendants misrepresented or failed to disclose that certain of the Company's products were experiencing significant
assembly and packaging problems which not only would materially and negatively impact the company's margins, but also cause the company's customers to
migrate to the company's competitors, thereby reducing orders to Anadigics. Defendants were also aware during the Class Period that a reduction in its customers'
build plans for telephone-related products would cause a decrease in orders for company products. The Complaint alleges that members of the class, therefore,
purchased their Reliance common stock at artificially inflated prices. In addition, despite defendants' knowledge of this information and their duty to disclose such
information, certain of the company's insiders not only failed to disclose these material facts to the investing public, but they also sold thousands of their own shares
of Anadigics' common stock at inflated prices. Such sales collectively netted these insiders millions of dollars.
Plaintiff's counsel in this action -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions
involving financial fraud. The firm has offices in Washington, D.C. and Seattle and is active in major litigation pending in federal and state courts throughout the
nation.
The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district
or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.
If you are a member of the Class who purchased Anadigics common stock during the period between Oct. 16, 1997 and Jan. 29, 1998, inclusive (the ''Class
Period''), you may move the Court no later than sixty days from March 2, 1998 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must
meet certain legal standards.
If you have any questions about this notice or the action, or with regard to your rights, please contact the following attorney: Andrew N. Friedman at 888/240-0775
or 202/408-4600 (1100 New York Avenue, N.W., Suite 500 - West Tower, Washington, D.C. 20005).
Contact:
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
Andrew N. Friedman, 888/240-0775 or 202/408-4600
afriedma@cmht.com |
