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John T. Bennett Law Offices, Ltd. Announces Class Action Lawsuit Against Lucent Technologies, Inc.

Business Editors & Legal Writers

MARKSVILLE, La.--(BUSINESS WIRE)--Dec. 8, 2000

The following notice is issued by the Law Firm of John T. Bennett Law Offices, Ltd. on behalf of its client, who filed a class action lawsuit on December 1, 2000 in the Civil District Court for the Parish of Orleans, New Orleans, bearing docket number 2000-18352 on behalf of purchasers of Lucent Technologies, Inc. during the period between October 10, 2000 and November 21, 2000, (when Lucent disclosed that its previously released fourth quarter 2000 revenues and earnings per share guidance would be reduced by $125 million and 2 cents per share, respectively due to a "revenue recognition issue."

The complaint alleges that the Company knew of or recklessly disregarded the fact that public documents and statements issued or disseminated in the name of the Company were materially false and misleading. It knew or recklessly disregarded that such statements or documents would be issued or disseminated to the investing public and they substantially participated or acquiesced in the issuance or dissemination of such statements or documents in violation of the Federal Securities laws. Defendant, by virtue of its receipt of information reflecting the true facts regarding Lucent, its control over, and/or receipt and/or modification of Lucent's materially misleading misstatements and/or their associations with and within the Company made it privy to confidential proprietary information concerning Lucent, and enabled it to participate in the alleged fraudulent scheme. The complaint alleges that during the pendency of the Company's undisclosed accounting problems, defendant caused the Company to issue favorable statements with respect to the Company. These statements were squarely contradicted by both internal evidence which should have been known to the defendant during the Class Period, and the later admissions about known events existing at the time these statements were made. The complaint alleges that misrepresentations and inaccurate statements caused all purchasers of Lucent's common stock during the Class Period to purchase Lucent's common stock at artificially inflated prices.

Plaintiff's counsel-John T. Bennett Law Offices, Ltd.-has over 125 years of legal experience.

If you purchased shares of Lucent Technologies, Inc. during the Class Period, you may move the Court no later than January 21, 2001 to act as lead plaintiff for the class. To serve as lead plaintiff, you must meet certain legal standards.

Please contact our firm if you have any questions about this action, please contact either of the following:

John T. Bennett, Esq. or Candyce C. Gagnard, John T. Bennett Law Offices, Ltd., Post Office Box 275, Marksville, Louisiana 71351 - phone number 318/253-4631 or toll free at 1-800-824-7092, e-mail address: classaction@kricket.net
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Publication:Business Wire
Geographic Code:1USA
Date:Dec 8, 2000
Words:440
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