PITTSBURGH, Feb. 21 (PRIMEZONE) -- The following is an announcement by the Law Office of Attorney Alfred G. Yates Jr:
Attention: The following class action lawsuits are available to all individual and institutional investors who invested during the periods below:
CORPORATION CLASS PERIOD Juniper Networks, Inc. (Nasdaq:JNPR) 04/12/01-06/07/01 Elan Corporation, PLC (NYSE:ELN) 01/02/01-01/29/02 Global Crossings Ltd. (NYSE:GX) 02/14/99-10/04/01
You should be aware that class action complaints involving the securities of the above companies were filed on behalf of investors by the Law Office of Alfred G. Yates Jr, a law firm with extensive experience in prosecuting class actions. If you bought common stock of any of the above corporations during the above class periods, and you wish to serve as lead plaintiff, you must request the Court appoint you as lead plaintiff.
Specifically, the complaints filed in these actions allege:
JUNIPER NETWORKS, INC.: The complaint charges Juniper and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants stated that the Company was on track to have 2ndQ 01 revenues of $330-plus million and earnings per share ("EPS") of $0.25, and that Deferred Revenue (i.e., revenue not yet recognized because customers had not yet accepted products) had declined because customer acceptance cycles were shorter than in the past. Defendants also represented the Company was on track to report 2001 EPS of $0.90-$1.00, pro forma, causing its stock to trade as high as $69.50. Defendants took advantage of this inflation, selling 747,463 shares, for proceeds of $42.9 million. Then, on 6/8/01, Juniper disclosed that its 2ndQ 01 revenues would be much lower than previously represented and earnings would be less than half of prior estimates. Defendants also admitted that customer acceptance cycles were in fact much longer than in the past, stretching from days to months. One analyst noted that the Company's announcement was matched in "severity by its tardiness." On this news, Juniper shares dropped to $38.02, or more than 46% lower than the Class Period high of $69.50. Ultimately, Juniper reported a loss for 2001 and pro forma EPS of just $0.50, half what defendants represented, and its stock has declined to $13.
ELAN CORPORATION, PLC: The complaint charges Elan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Elan is an international pharmaceutical company focused on the discovery, development and marketing of therapeutic products and services in neurology, pain management, oncology, infectious disease and dermatology. The complaint alleges that during the Class Period, defendants reported favorable financial results for Elan, while concealing expenses through joint ventures, recognizing income from companies in which Elan had invested (round-trip revenue) and concealing material related-party transactions. As a result, Elan's stock traded as high as $65. Then, on 1/30/02, The Wall Street Journal published an article on Elan's accounting entitled, "Research Partnerships Give Irish Drug Maker Rosy Financial Glow." The article quoted Lynn Turner, a former chief accountant for the SEC: "What's the real substance? ... I'm taking money out of one pocket and putting it in another. That is a charade." The article went on to describe several transactions in which Elan had recognized revenue where it had funded the entire purchase price. On this news, Elan's stock dropped to as low as $22.40, before closing at $29.25 on volume of 37.1 million shares.
GLOBAL CROSSINGS LTD.: The complaint charges certain of Global Crossing's officers and directors with violations of the Securities Exchange Act of 1934. Due to its recent bankruptcy filing, Global Crossing is not named as a defendant in the action. The complaint alleges that during the Class Period, defendants issued false and misleading statements and press releases concerning Global Crossing's financial statements, their ability to offset declining wholesale demand for bandwidth capacity with higher-margin, customized data services and the Company's ability to generate sufficient cash revenue to service its debt. During the Class Period, before the disclosure of the true facts, the Individual Defendants and certain Global Crossing insiders sold their personally held Global Crossing common stock generating more than $1.5 billion in proceeds and the Company raised over $7 billion in debt and equity offerings. However, the full extent of Global Crossing's cash flow crisis, and its failure to compete in the market for customized communications services, began to emerge on October 4, 2001. On that date, the Company issued a string of stunning announcements: cash revenues in the third quarter would be approximately $1.2 billion, $400 million less than the $1.6 billion expected by a consensus of analysts surveyed by Thomson Financial/First Call. The cash revenue shortfall was purportedly the result of a "sharp falloff" in wholesale IRU sales to carrier customers. The Company further announced that it expected recurring adjusted EBITDA to be "significantly less than $100 million" compared to forecasts of $400 million. Following these announcements, Global Crossing's share priced plunged by 49% to $1.07 per share.
If you wish to serve as a lead plaintiff or discuss any of these actions, please contact: Alfred G. Yates Jr, Esquire toll free at 800/391-5164, e-mail at yateslaw@aol.com, fax at 412/471-1033 or mail at 519 Allegheny Building, 429 Forbes Avenue, Pittsburgh, Pennsylvania 15219. All e-mail correspondence should indicate your mailing address. Information will be mailed to you at your request. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca