NEW YORK, March 25, 2004 (PRIMEZONE) -- Roy Jacobs & Associates announced that a securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Nortel Networks Corporation (NYSE:NT) between October 23, 2003 and March 12, 2004, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District of New York against defendant Nortel and one or more of its officers and/or directors.
The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than May 17, 2004 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you acquired shares of Nortel Networks Corporation and want to discuss your legal rights, you may call or e-mail Roy Jacobs & Associates who will, without obligation or cost to you, attempt to answer your questions. Roy Jacobs & Associates has been involved in securities litigation for over ten years. You may contact Roy Jacobs & Associates toll free at 1-888-884-4490 or by email at classattorney@pipeline.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca