HOUSTON, March 26, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the District of Minnesota on behalf of all purchasers of the common stock ADC Telecommunications Inc., ("ADC" or the "Company") (Nasdaq:ADCT), from November 2, 2000 through March 28, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Firm by calling toll-free.
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 Emerson Poynter LLP (John G. Emerson, Esq. or Scott E. Poynter, Esq.) toll free at 1-800-663-9817, or via e-mail at shareholder@emersonfirm.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.
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.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Emerson Poynter LLP, which prosecutes class actions in both state and federal courts throughout the country. Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The Firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.