NEW YORK, Feb. 18, 2004 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of Massachusetts, case number 04-10333 DPW, on behalf of all persons or entities who purchased Sonus Networks, Inc. ("Sonus" or the "Company") securities (Nasdaq:SONS) during the period between April 9, 2003 and February 11, 2004, both dates inclusive (the "Class Period").
The complaint alleges that during the Class Period, defendants caused Sonus Networks shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Sonus Networks was able to complete a public offering of 20 million shares, raising proceeds of $61 million on April 22, 2003. On February 11, 2004, the Company issued a press release which stated: "Sonus Networks today provided additional information regarding the delay in reporting its fourth quarter and full fiscal year financial results for the year ended December 31, 2003. In connection with the year-end audit, Sonus Networks and its independent auditors have identified certain issues, practices and actions of certain employees relating to both the timing of revenue recognized from certain customer transactions and to certain other financial statement accounts, which may affect the Company's 2003 financial statements and possibly financial statements for prior periods." The stock dropped below $6 per share on this news.
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 Sonus Networks, Inc. securities during the Class Period described above, you may, no later than April 12, 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.