Court for the District of Virginia Denies Motion to Dismiss ECI Class Action.Business Editors PETAH TIKVA, Israel--(BUSINESS WIRE)--Jan. 29, 2002 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 a court 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 denied its motion to dismiss a class action complaint alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The motion had been filed on behalf of defendants ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute , Doron Inbar and Avi Ben-Assayag. The complaint alleges that a fraudulent scheme Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit illegitimate enterprise, racket , 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. U.S. courts are required to assume all allegations are true when deciding whether to grant a motion to dismiss. The Company, Doron Inbar, and Avi Ben-Assayag intend to vigorously defend the action. 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 networking 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 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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