NEW YORK, March 29, 2004 (PRIMEZONE) -- Sonus Networks, Inc. (Nasdaq:SONS) announced today that the filing of its amended annual report for the fiscal year ended December 31, 2003 will be delayed. The Company further announced that it expects to restate its financial results from 2002 and the first three quarters of 2003 and is considering expanding its ongoing accounting review to prior periods.
On February 11, 2004, Sonus disclosed that it had uncovered certain practices and actions of its employees relating to the timing of revenue recognized from certain customer transactions which may have affected the Company's 2003 financial statements and possibly financial statements for prior periods. Today's announcement that Sonus will be unable to timely file its annual report could result in the Company being delisted from Nasdaq.
On February 13, 2004, Wolf Popper LLP filed a securities fraud lawsuit against Sonus and certain of its officers and directors, on behalf of all persons who purchased Sonus securities on the open market from June 5, 2003 through February 11, 2004. The action was filed in the United States District Court for the District of Massachusetts. The complaint can be viewed on Wolf Popper's website or obtained from the Court.
Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders.
Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than April 12, 2004. Class members who are interested in serving as a lead plaintiff in this action, or other persons who have questions or information regarding the prosecution of this action, are urged to call or write Wolf Popper LLP.