Cohen, Milstein, Hausfeld & Toll, P.L.L.C Files Class Action Suit Against Lucent Technologies, Inc.Business Editors & Legal Writers WASHINGTON--(BUSINESS WIRE)--Dec. 5, 2000 The following notice is issued by the law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its client, who filed a 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 on December 1, 2000, in the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court. The Honorable Garrett E. , Camden Division, on behalf of purchasers of Lucent Technologies, Inc. (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 : LU) during the period between October 10, 2000 and November 21, 2000, inclusive. The complaint alleges that the Company, Henry B. Schacht, its current Chief Executive Officer, Richard McGinn, its prior Chief Executive Officer and Chairman of Lucent's Board, and Deborah C. Hopkins, its Chief Financial Officer, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder, by issuing a series of material misrepresentations to the market during the Class Period. As alleged in the Complaint, on October 10, 2000, Lucent issued a press release announcing that its fourth quarter results would be 17-18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Thereafter, on October 23, 2000, Lucent announced that it earned 18 cents per share in the fourth quarter. In contrast to these announcements, at the end of the Class Period, Lucent announced that it would be forced to reduce its previously announced revenue results by $125 million due to "revenue recognition issues" and that its previously announced results for the fourth quarter had been overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o by 2 cents per share. In response, Lucent's stock dropped $3.25 per share on over 60 million shares. The Complaint alleges that the October 10 and 23, 2000 statements were issued without a reasonable basis, and served to artificially inflate the market price of Lucent's stock, causing all purchasers during the Class Period to overpay o·ver·pay v. o·ver·paid , o·ver·pay·ing, o·ver·pays v.tr. 1. To pay (a party) too much. 2. To pay an amount in excess of (a sum due). v.intr. To pay too much. for such stock. Plaintiff's counsel -- 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, Washington and is active in major 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. 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 purchased shares of Lucent Technologies, Inc. during the Class Period, you may move the Court no later than January 21, 2001 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 either of the following: Andrew N. Friedman, Esq. or Lisa Polk Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue, N.W. Suite 500 - West Tower Washington, D.C. 20005 Telephone: 888-240-0775 or 202-408-4600 E-mail address: afriedman@cmht.com OR lpolk@cmht.com |
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