LITTLE ROCK, Ark., March 23, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Northern District of California on behalf of all individuals and institutional investors that purchased the common stock of Adaptive Broadband Corporation ("Adaptive" or the "Company") (Nasdaq:ADAP) between August 11, 2000 and March 15, 2001, inclusive (the "Class Period").
The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information in the Company's financial statements, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Specifically, on March 15, 2001, Adaptive announced that it will restate its Q4 2000 financial statements because of accounting misstatements. The company currently expects that its revenue and cost of revenue for the quarter will be reduced by $4.0 million. In a press release dated March 15, 2001, the company said that, "its new management team is working with the company's Board of Directors, auditors and outside counsel to determine whether any other similar transactions exist in the same or other accounting periods, and if so, what actions, if any, may need to be taken with respect to them. The company hopes to be in a position to make this determination by March 30, 2001. Based on this review, the company will take whatever steps may be necessary so that its financial reporting practices for all past and future periods conform in all respects to applicable accounting standards." On this news, Adaptive's stock price dropped to as low as $1.47 per share, or more than 95% from its Class Period high of $33.125.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by May 15, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Sue Null, Charlie Gastineau or Jackie Addison
P.O. Box 25438
Little Rock, AR 72221
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca