BALA CYNWYD, Pa., April 5, 2002 (PRIMEZONE) -- Shareholders of Juniper Networks, Inc. ("Juniper") (Nasdaq:JNPR) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in California (C-02-0830) must submit an application with the Court by April 14, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Juniper Networks, Inc. securities between April 12, 2001 and June 7, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Juniper Networks, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the California-based Juniper Networks, Inc. stated that the Company was on track to have 2ndQ 01 revenues of $330+ 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 June 8, 2001, 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.
If you purchased Juniper Networks, Inc. securities between April 12, 2001 and June 7, 2001, you may be a member of the class and have until April 14, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.