Avici Says Securities Class Action Without Merit.Business/Technology Editors NORTH BILLERICA, Mass.--(BUSINESS WIRE)--April 25, 2001 Avici Systems Inc. (Nasdaq:AVCI), today announced that a shareholder class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed against the Company 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. Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of purportedly on behalf of purchasers of the Company's common stock during the period July 28, 2000 to April 20, 2001. The complaint also names as defendants Morgan Stanley & Co. Incorporated and certain officers of the Company. The complaint alleges violations of federal securities laws regarding statements concerning the underwriting of its shares to the public made in the Company's initial public offering registration statement. Avici Systems and its officers deny any liability in the 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. and intend to vigorously defend the allegations against them. |
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