NEW YORK, Feb. 13, 2004 (PRIMEZONE) -- A class action lawsuit was filed in the United States District Court for the Northern District of California, case number C-04-00607-SC, on behalf of purchasers of Redback Networks, Inc. ("Redback" or the "Company") (Nasdaq:RBAK) (Nasdaq:RBAKQ), common stock between April 12, 2000 to October 10, 2003, inclusive (the "Class Period"). The complaint alleges that certain Redback senior officers ("Defendants") violated the Securities Exchange Act of 1934.
During the Class Period, Defendants issued a series of allegedly false and misleading statements resulting in Redback's stock price trading at artificially inflated levels. The Company's stock traded as high as $179.02 during the Class Period before announcing bankruptcy. During the Class Period, Defendants issued, or caused to be issued, a series of allegedly materially false and misleading statements to the marketplace concerning the Company's relationship with Qwest Communications International, Inc. ("Qwest"). Defendants allegedly knew, but failed to disclose, that the only reason Redback was able to report increasing revenues and earnings was through a scheme in which Defendants gave shares of Redback stock to Qwest insiders in exchange for Qwest purchasing large quantities of Redback products.
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.
If you purchased or otherwise acquired Biovail securities during the Class Period described above, you may, no later than February 21, 2004, 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 plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca