Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Shareholder Lawsuit Filed Against ClearOne Communications, Inc.Business Editors & Legal Writers WASHINGTON--(BUSINESS WIRE)--Feb. 14, 2003 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., ("Cohen, Milstein") who filed a lawsuit against ClearOne Communications, Inc. ("ClearOne" or the "Company") and certain of its officers and directors (NYSE NYSE See: New York Stock Exchange : CLRO CLRO Corporation of London Record Office ) in the United States District Court for the District of Utah The United States District Court for the District of Utah is the Federal district court whose jurisdiction is the state of Utah. The court is based in Salt Lake City. The United States Attorney's Office for the District of Utah on behalf of all persons who purchased or otherwise acquired the securities of ClearOne between January 1, 2001 and January 15, 2003, inclusive (the "Class Period"). The Complaint charges ClearOne and certain of its executive officers with violations of the federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning ClearOne's revenue and earnings caused ClearOne's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that, in order to inflate inflate - deflate the price of ClearOne's stock, defendants caused the Company to falsely report its financial results during the Class Period through improper revenue recognition practices, including recognizing revenue for shipments to distributors even though the distributors had the right to return or exchange unsold goods. On January 15, 2003, the last day of the Class Period, the Securities and Exchange Commission filed a federal lawsuit alleging that defendants violated numerous federal securities laws, primarily through a program of "channel stuffing Channel Stuffing A deceptive business practice used by a company to inflate its sales and earnings figures by deliberately sending retailers along its distribution channel more products than they are able to sell to the public. " -- shipping large amounts of inventory to the company's distributors with the understanding that the distributors did not have to pay for these products until the distributors resold the products, and that in some instances the distributors were given the right to return or exchange products the distributors were unable to sell. If you purchased or acquired ClearOne securities during the Class Period, you may, no later than March 17, 2003, move to be appointed as a Lead Plaintiff. Cohen Milstein has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, 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 , and Chicago, 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 in the billions of dollars. You may visit the firm's website at www.cmht.com. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq. or Mary Ann Fink fink Slang n. 1. A contemptible person. 2. An informer. 3. A hired strikebreaker. intr.v. finked, fink·ing, finks 1. To inform against another person. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue The following roads are named New York Avenue:
Suite 500 - West Tower Washington, DC 20005 Telephone: 888-240-0775 or 202-408-4600 E-mail: stoll@cmht.com or mfink@cmht.com |
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