BENSALEM, Pa., Nov. 22, 2006 (PRIMEZONE) -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock of Ikanos Communications, Inc. ("Ikanos" or the "Company") (Nasdaq:IKAN) pursuant and/or traceable to the Company's Registration Statement and Prospectus for its initial public offering on September 22, 2005 (the "IPO"), or its secondary public offering on March 8, 2006 (the "Secondary Offering"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing material misrepresentations to the market concerning the Company's business and operations, thereby artificially inflating the price of Ikanos 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 purchased Ikanos common stock pursuant to the Company's IPO or its Secondary Offering, you have certain rights, and have until January 5, 2007 in which to move for Lead Plaintiff status. 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 wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmithlaw@hotmail.com or visit our website at www.howardsmithlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca