BALA CYNWYD, Pa., March 10, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Minnesota on behalf of all purchasers of the common stock of ADC Telecommunications Inc., ("ADC" or the "Company") (Nasdaq:ADCT), from November 2, 2000 through March 28, 2001, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges that on November 2, 2000, ADC announced in a press release that the Company would meet or exceed published fiscal expectations, and that despite the expected overall decrease in telecom spending, shifts in Internet carrier spending would continue to benefit the Company especially in broadband access and optical components. The Company echoed these bullish predictions throughout the Class Period. ADC's true financial performance and business prospects were revealed at the end of the Class Period in a March 28, 2001 press release. In the press release, the defendants acknowledged that the Company was in fact performing below the projections issued earlier in the Class Period and as a result, the Company lowered its fiscal 2001 earnings guidance.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than May 5, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
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CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Stuart L. Berman, Esq.
1-888-299-7706 (toll free) or 1-610-667-7706
info@sbclasslaw.com