Amended Securities Class Action Complaint, Filed Against ECI Telecom.Business Editors PETAH TIKVA, Israel--(BUSINESS WIRE)--Dec. 10, 2001 ECI Telecom ECI Telecom Ltd NASDAQ: ECIL, is a telecommunication equipment manufacturer based in Petah Tikva, Israel. Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ECIL ECIL Electronics Corporation of India Limited ) announced today that an amended securities class action complaint has been filed against the Company, Doron Inbar and Avi Ben-Assayag in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the District of Virginia. Plaintiffs' claims allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that a fraudulent scheme, a deceptive course of business and the dissemination of false and misleading financial statements injured shareholders of ECI Telecom Ltd. who purchased stock from May 2, 2000 through February 14, 2001. As announced on November 26, 2001, the Court had dismissed the prior complaint filed by the same Plaintiffs against the Company, Doron Inbar, Avi Ben-Assayag and Jonathan Kolber without prejudice Without any loss or waiver of rights or privileges. When a lawsuit is dismissed, the court may enter a judgment against the plaintiff with or without prejudice. When a lawsuit is dismissed without prejudice . Plaintiffs did not bring any claims against Mr. Kolber in the new complaint. The Company, Mr. Inbar, and Mr. Ben-Assayag intend to vigorously defend the action and expect to file a motion to dismiss. Pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, all discovery is stayed pending a decision on Defendants' motion to dismiss. ECI Telecom Ltd. is a provider of integrated network solutions for digital communications and data transmission systems. The Company designs, develops, manufactures, markets and supports end-to-end digital telecommunications solutions for today's new services and converging networks. The Company's products create bandwidth, maximize revenues for network operators, expand capacity, improve performance and enable new revenue-producing services. In doing so, they enhance the capabilities of existing networks to support voice, data, video and multimedia services. ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute Telecom's equipment supports traffic in more than 500 service networks in over 145 countries. Certain statements contained in this release may contain forward-looking information with respect to plans, projections or future performance of the Company. By their nature, forward-looking statements involve certain risks and uncertainties including, but not limited to, the uncertainties inherent in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , product and market acceptance risks, the impact of competitive pricing, product development, commercialization and technological difficulties and other risks detailed in the Company's filings with the Securities and Exchange Commission. |
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