NEW YORK, April 21, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Redback Networks, Inc. ("Redback") securities (Nasdaq:RBAK) between June 14, 1999 through March 8, 2000, both dates inclusive (the "Class Period"). Robertson Stephens, Inc. and Paul Johnson are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the complaint alleges that defendants Robertson Stephens and its analyst Paul Johnson issued materially false and misleading statements, analyst reports, and "Buy" recommendations on Redback. For example, Defendants praised Redback's acquisition of Siara Systems, Inc. ("Siara") while failing to disclose that Johnson owned Siara stock and that he stood to reap approximately $4.8 million from the acquisition. Moreover, the complaint alleges that as a result of defendants' biased analyst reports and ratings on Redback, and their failure to disclose Johnson's conflicts of interest, the price of Redback securities were artificially inflated during the Class Period, thereby causing plaintiff and members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin, Murray & Frank LLP at www.rabinlaw.com.
If you purchased Redback securities during the Class Period described above, you may, no later than June 3, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
You may retain Rabin, Murray & Frank LLP, or the counsel of your choice, to serve as your counsel in this action and make your motion for appointment as lead plaintiff. Your ability to share in any recovery is not affected whether or no you seek to serve as lead plaintiff. Moreover, at this early stage of the litigation, it is not necessary to communicate with any counsel or return a form to counsel regarding your participation in the case.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.