NEW YORK, June 4, 2007 (PRIME NEWSWIRE) -- Kirby McInerney & Squire, LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Occam Networks, Inc. ("Occam" or the "Company") (Nasdaq:OCNW) between May 2, 2006 and April 17, 2007, inclusive, (the "Class Period"). Also included are those who purchased shares in a secondary offering on November 2, 2006.
The lawsuit alleges that Occam and certain of its officers and directors violated Federal Securities laws. Specifically, Occam's reported financial results were boosted by improper revenue recognition that violated Generally Accepted Accounting Principles. The lawsuit further alleges that certain of Occam's materially false financial results were included in the Company's Registration Statement and Prospectus that were filed with the SEC in connection with the Company's November 2006 Secondary Offering.
On April 2, 2007, Occam announced that its Annual Report on Form 10-K for the year ended December 31, 2006 would need to be delayed because Occam's Audit Committee was reviewing certain transactions to determine whether any revenue had been recognized improperly. The following day, the price of Occam stock fell from $11.10 per share to $8.51 per share, a one-day decline of 23%. On April 17, 2007, after the market closed, Occam stated that it would not be able to file its financial report in the 15-day extended deadline.
If you are a member of the class, you may, no later than June 25, 2007, request that the Court appoint you as lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs can participate in important decisions which could affect the recovery for class members.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us, toll free, at (888) 529-4787 or by email at info.newcases@kmslaw.com.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney & Squire, LLP's website at http://www.kmslaw.com