Bay Networks Responds to Shareholder Claims.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--March 4, 1997--Bay Networks, Inc. (NYSE NYSE See: New York Stock Exchange :BAY) announced today that two stockholders have filed separate lawsuits against the company and ten of the company's current and former officers and directors. One lawsuit has been filed in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa and alleges violations of the federal securities laws. The other lawsuit has been filed in Santa Clara County, California Santa Clara County is a county located in the San Francisco Bay Area of the U.S. state of California. It is the primary site of Silicon Valley. As of 2000 it had a population of 1,682,585. The county seat is San Jose. Superior Court and alleges violations of the California Corporations Code. Both lawsuits purport to seek damages on behalf of a class of stockholders who purchased the company's common stock during the period of July 25, 1995 through October 14, 1996. The company believes that these lawsuits are without merit and intends to defend against them vigorously. Bay Networks, Inc. is a worldwide leader in the internetworking market, providing a full line of products that serve enterprises, workgroups, small offices and mobile workers. The company offers LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. and ATM switches, hubs, routers, remote and Internet access See how to access the Internet. solutions, and network management applications, all unified by the BaySIS architecture. With revenue of $2.1 billion over the past four fiscal quarters, Bay Networks markets and supports its products around the world, providing 7x24 support coverage. Bay Networks' World Wide Web address is: http://www.baynetworks.com . This release, other than historical financial information, may consist of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. These statements may differ in a material way from actual future events. For instance, factors which could cause results to differ from future events include rapid rates of technological change and intense competition, among others. Readers are also referred to the documents filed by the company with the S.E.C., specifically the last reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q which identify important risk factors for the company. -0- Note to Editors: All Bay Networks press releases are available on Bay Networks' web site at http://www.baynetworks.com or via CompuServe using GO BAYNET. Bay Networks' web site also provides information on the company's products and services, news and events, partner programs, and corporate contacts. Bay Networks is a registered trade mark and BaySIS and Switch Node are trademarks of Bay Networks, Inc. Other brand and product names are registered trademarks or trademarks of their respective holders. CONTACT: Bay Networks, Inc. Linda Fellows, 408/495-1964 lfellows@baynetworks.com |
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