SAN DIEGO, April 1, 2002 (PRIMEZONE) -- The Law Firm of Robbins Umeda & Fink, LLP announces that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of purchasers of the securities of JDS Uniphase Corp. ("JDS Uniphase" or the "Company") (Nasdaq:JDSU) between July 27, 1999 and July 26, 2001, inclusive (the "Class Period"). If you are a member of this class, you can join this class action by contacting the Firm.
The complaint charges JDS Uniphase, certain of its officers and directors and its controlling shareholder with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants were motivated to inflate the value of JDS Uniphase stock so that the Company could make acquisitions using stock and so the individual defendants, who are the top officers and directors of JDS Uniphase, could sell their shares. During the Class Period, defendants represented that demand was accelerating and the Company's only problem was its ability to manufacture enough product to meet demand. Defendants represented that they had outstanding visibility, including demand for the Company's products through the end of fiscal 2001 ("FY01," ended on 6/30/01), and that JDS Uniphase had 80 engineers whose job it was to monitor customers and their inventory levels and as a result, JDS Uniphase would learn about any slowdown in demand early. The Company also misrepresented the success of its largest acquisitions, including Optical Coating Labs, Cronos Integrated Microsystems, E-Tek Dynamics and SDL Inc. As a result of these positive statements, JDS Uniphase stock traded as high as $146.32.
The Individual Defendants (all of whom were top officers and directors of the Company) and its controlling shareholder took advantage of the inflation, selling or disposing of 25.2 million shares of their JDS Uniphase stock for proceeds of $2.1 billion. Then, on 7/26/01, JDS Uniphase announced the restatement of its 3rdQ F01 results, the write-off of $44 billion in goodwill associated with its acquisitions, inventory write-downs and that F01 EPS would be only $0.16 and that it would incur a loss of $0.15 in F02. On this news, JDS Uniphase shares dropped to as low as $7.90 -- or more than 94% lower than the Class Period high of $146.32. A copy of the complaint filed in this action is available from the Court or can be e-mailed or mailed to you by the Firm.
If you bought the securities of JDS Uniphase between July 27, 1999 and July 26, 2001, you may, no later than May 20, 2002, request that the Court appoint you as a 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 Robbins Umeda & Fink, LLP, or other counsel of your choice, to serve as your counsel in this action.
Robbins Umeda & Fink, LLP has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action, please call or e-mail the Firm at:
ROBBINS UMEDA & FINK, LLP Marc M. Umeda, Esq. 1010 Second Ave., Suite 2360 San Diego, CA 92101 Toll Free: 1-800-350-6003 E-mail: info@ruflaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.