Printer Friendly

Milberg Weiss Announces Class Action Suit Against Marconi, plc.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--July 10, 2001

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on July 10, 2001, on behalf of purchasers of the securities of Marconi, plc ("Marconi" or the "Company") (NASDAQ: MONI) between April 11, 2001 and July 4, 2001, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/marconi/

The action, numbered 01-CV-1267, is pending in the United States District Court for the Western District of Pennsylvania, located at U.S. Post Office and Courthouse, Seventh & Grant Streets, P.O. Box 1805, Pittsburgh, PA 15230, against defendants Marconi, George Simpson, John Mayo and Steve Hare. The Honorable Gary L. Lancaster is the Judge presiding over the case.

The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between April 11, 2001 and July 4, 2001, concerning the demand for its products. Specifically, the complaint alleges that defendants issued several press releases in which they assured investors that the Company would experience an increase in its revenues in the current year and that, despite earnings warnings from most of its competitors, the Company saw no need to change its guidance. On July 4, 2001, however, defendants finally disclosed that they were, in fact, experiencing a slowdown in customer spending and, as a result, the Company expects sales to fall more than 15% and operating profit to fall 50% for the year ending March 2002. The market's reaction to this announcement was immediate and punitive. When shares reopened for trading on July 5, 2001, after having been suspended pending this announcement, the price per share of Marconi American Depositary Receipts dropped by over 50% to close at $3.35 per share, significantly below the Class Period high of $12.50 per share.

If you bought the securities of Marconi between April 11, 2001 and July 4, 2001, you may, no later than September 7, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, and Boca Raton and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $30 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: marconicase@milbergNY.com Website: http://www.milberg.com
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:4EUUK
Date:Jul 10, 2001
Words:635
Previous Article:Clariti to Appeal Delisting from The Nasdaq SmallCap Market.
Next Article:SS&C Technologies Second Quarter Earnings News Release Notice.


Related Articles
KILL BW0538, CA-MILBERG-WEISS, KILL BW0584 CA-MILBERG-WEISS, and KILL BW0582, CQN-CA-MILBERG-WEISS.
Correcting Headline in Milberg Weiss Release; Class Action Suit Against Three Underwriters in Connection With The Initial Public Offering of Avanex...
LAWSUIT CLAIMS AMGEN MISLED.
GUN LAWSUIT OUT OF AMMO BEFORE 1ST SHOT.
Proposed $7.1 Million Class Action Settlement Announced in Marconi, plc Securities Litigation.
Suiting up: when the top securities class-action law firm becomes two firms, D&O insurers could take a double hit.
Class-action firms and new cases.
Milberg Weiss insists its practice unfazed by indictment.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters