Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (2056)	9/22/1998 11:58:00 AM
From: flyboy	Read Replies (1) \| Respond to of 7247

CIEN lawsuit ... Tuesday September 22, 11:26 am Eastern Time Company Press Release Wolf Haldenstein Adler Freeman & Herz LLP Announces Notice of Pendency of Class Action against Ciena Corporation and Others NEW YORK--(BUSINESS WIRE)--Sept. 22, 1998--Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on September 18, 1998, in the United States District Court for the District of Maryland on behalf of purchasers of the common stock of Ciena Corporation (Nasdaq:CIEN - news; ''Ciena'' or the ''Company'') during the period of May 21, 1998, through September 9, 1998, (the ''Class Period'') and who were damaged thereby. If you wish to discuss this action please contact Wolf Haldenstein Adler Freeman & Herz LLP (Michael Miske or Neil Zola, Esq.) at (800) 575-0735 or visit our website at www.whafh.com. Unlike some other recently filed actions, the action filed by the Wolf Haldenstein firm not only seeks to represent purchasers of Ciena common stock but also purchasers of other Ciena securities during the Class Period, including purchasers of options. Additionally, the Class Period involved in this action extends through September 9, 1998, unlike other actions that end on August 21, 1998. The complaint charges Ciena and certain officers and directors of the Company during the relevant time period with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of materially false and misleading financial statements regarding the Company's financial health and failed to reveal that the Company was employing fraudulent accounting methods to improperly recognize revenue. The complaint alleges that defendants'fraudulent scheme was designed to artificially inflate the Company's share price to allow for the consummation of its proposed ''stock-for-stock'' merger with Tellabs, Inc. in the hope that the Company's absorption into Tellabs under the merger would mask the serious undisclosed financial difficulties that the Company was encountering during the Class Period. The complaint further alleges that defendants utilized their inside information regarding the artificial inflation of the Company's stock price to sell significant amounts of their own personal Ciena holdings at prices as high as $62.44 per share for proceeds of over $18,000,000. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com). The Wolf Haldenstein firm has a full service commercial practice consisting of more than 35 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. Additionally, the firm has achieved recoveries of over one billion dollars for defrauded investors and shareholders. If you are a member of the class described above, you may, not later than sixty days from August 26, 1998, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Michael Miske or Neil Zola, Esq.) or via e-mail at classmember@whafh.com or visit our website at www.whafh.com.. All e-mail correspondence should make reference to Ciena. -------------------------------------------------------------------------------- Contact: Wolf Haldenstein Adler Freeman & Herz LLP Michael Miske or Neil Zola, Esq. 800/575-0735 classmember@whafh.com www.whafh.com -------------------------------------------------------------------------------- More Quotes and News: Ciena Corp (Nasdaq:CIEN - news) Related News Categories: telecom -------------------------------------------------------------------------------- Help I hope that it does't plummet but I have sold Eagerly ready to get back in. C I A O