NEW YORK, March 14, 2003 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the District of Minnesota on behalf of all purchasers of ADC Telecommunications, Inc. ("ADC" or the "Company") (Nasdaq:ADCT) common stock during the period from November 28, 2000 to March 28, 2001 (the "Class Period").
A copy of the complaint is available from the Court at this time. Please visit our website at www.kmslaw.com, or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges ADC and two of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The violations, as the complaint alleges, stem from the reckless omission and dissemination of allegedly false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of ADC's shares.
As the complaint alleges, ADC forecasted strong, positive growth for the 2001 fiscal year, irrespective of expected overall decreases in telecom spending. ADC supplies broadband-network equipment, software and devices to communications services networks that provide data, video and voice communications over various networks to residential and business customers. In a press release dated November 28, 2000, ADC cited both broadband access and optical components as means to take advantage of a shift in Internet carrier spending and reap benefits. The Company repeatedly echoed these predictions throughout the Class Period. However, on March 28, 2001, ADC announced that it would not meet expectations, and that its fiscal 2001 earnings guidance would be lowered. Additionally, as many as 4,000 jobs were cut when ADC revealed its true financial performance and business prospects. Financial results and predictions were, in fact, false and misleading throughout the Class Period, and investors accrued damages from ADC's artificially inflated stock prices during this time.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than May 5, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Ira M. Press, Esq.Elaine MuiKIRBY McINERNEY & SQUIRE, LLP830 Third Avenue, 10th FloorNew York, New York 10022Telephone: (212) 317-2300or Toll Free (888) 529-4787E-Mail: emui@kmslaw.com