NEW YORK, June 14, 2007 (PRIME NEWSWIRE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all who purchased or otherwise acquired the common stock of Allot Communications Ltd. ("Allot" or the "Company") (Nasdaq:ALLT), pursuant or traceable to the Company's November 15, 2006 Initial Public Offering ("IPO") through April 2, 2007, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a Registration Statement and Prospectus in connection with the Company's IPO which were negligently prepared and, as a result, contained untrue statements of material facts; omitted to state other facts necessary to make the statements made therein not misleading; and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the complaint alleges that, in connection with the Company's IPO, defendants failed to disclose: (1) that the Company was experiencing declining sales; and (2) that the sales declines were occurring in its indirect distribution channels, such as enterprise, education and smaller ISP customers, in North America. On April 2, 2007, however, the Company disclosed to investors for the first time that its revenues and earnings for the first quarter of 2007 and fiscal year 2007 were going to be dramatically lower than earlier forecasts.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired Allot common stock pursuant or traceable to the Company's November 15, 2006 IPO through April 2, 2007. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you are a member of the class described above, you may, not later than July 2, 2007, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Anthony Vozzolo, Esq. Faruqi & Faruqi, LLP 369 East Lexington Ave, 10th Floor New York, NY 10017 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca