METAIRIE, La., Oct. 5, 2007 (PRIME NEWSWIRE) -- Law Offices of Eric J. O'Bell, LLC ("EJO") filed the first class action lawsuit against BigBand Networks, Inc. ("BigBand" or the "Company") (Nasdaq:BBND) in the United States District Court for the Northern District of California, on behalf of shareholders who purchased the common stock of BigBand in connection with the Company's Initial Public Offering ("IPO") on or about March 15, 2007, or who purchased shares thereafter in the open market. No class has yet been certified in this action.
UNLESS A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.
BigBand, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
On September 28, 2007, BigBand shares fell over 30% in a single trading day -- falling from over $9.00 per share to below $6.00 per share, before closing at $6.49 on exceptionally heavy trading volume of almost 7 million shares. This precipitous decline occurred after the truth was revealed to investors the previous evening that the problems existing at the time of the IPO, and detailed in the Complaint, would result in extremely disappointing results for the third quarter of 2007, including substantially reduced revenues.
If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than December 3, 2007. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may e-mail or call Eric J. O'Bell at the Law Offices of Eric J. O'Bell, LLC without obligation or cost to you at 504-456-8677, via cell phone 504-616-9400, or by email at ejo@obelllawfirm.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.