MINNEAPOLIS, Oct. 22, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of BigBand Networks, Inc. ("BigBand" or the "Company") (Nasdaq:BBND) publicly traded securities during the period March 14, 2007 through September 27, 2007 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before December 4, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
On March 20, 2007, BigBand closed its initial public offering ("IPO") of 12.3 million shares at $13.00 per share for net proceeds of $148.8 million pursuant to a Registration Statement. The Complaint alleges that the Registration Statement failed to disclose that BigBand was having difficulty integrating and customizing its switched digital video technology, that BigBand's past results were not indicative of its future operations, and that the viability of the Company's cable modem termination system business was in doubt. Due to Defendants' positive statements and failure to disclose the above adverse facts, BigBand stock traded as high as $21.43 per share on May 3, 2007.
On August 2, 2007, BigBand issued a press release announcing disappointing second quarter 2007 results. On this news, BigBand's stock price collapsed form $13.98 per share on August 2, 2007 to close at $10.10 per share on August 3, 2007. Then on September 27, 2007, after the market closed, BigBand issued a press release revising its third quarter 2007 results. On this news, BigBand's stock price collapsed from $9.07 per share on September 27, 2007 to close at $6.40 per share on September 28, 2007, a one day decline of $2.67 per share, or 29%, on volume of 6.8 million shares.
If you purchased BigBand Networks, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685