LITTLE ROCK, Ark., March 23, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP has filed a class action in the United States District Court for the Central District of California on behalf of all individuals and institutional investors that purchased the common stock of Emulex Corporation ("Emulex" or the "Company") (Nasdaq:EMLX) between January 18, 2001 and February 9, 2001, inclusive (the "Class Period").
The complaint charges Emulex and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Emulex is a designer, developer and supplier of a line of Fibre Channel host adapters, hubs, ASICs and software products that provide connectivity solutions for Fibre Channel storage area networks, network attached storage and RAID. The complaint alleges that during the Class Period, defendants made positive but false statements about Emulex's results and business, while concealing material adverse information about customers pushing out orders. As a result, Emulex's stock traded at artificially inflated levels, permitting defendants to sell $40.36 million worth of their Emulex stock. On February 9, 2001, Emulex issued a press release directing people to visit the Company Website. Visitors were able to listen to a recording of Emulex's CEO describing what Emulex would later disclose at a conference on February 13, 2001: that it had been experiencing a push-out of orders since late January that might cause Emulex sales to fall short of previous Company guidance for Emulex's 3rdQ F01 to end on April 1, 2001. On Monday morning when the market opened again, Emulex's stock immediately dropped, falling 48% to $38-1/8 before closing at $40-3/8 on February 12, 2001 on volume of 48.6 million shares.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in California, Florida, and Arkansas, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com. If you wish to become a lead plaintiff, you must file the appropriate motion with the Court on or before April 21, 2001. If you need information, please contact:
CAULEY GELLER BOWMAN & COATES, LLP
Sue Null, Charlie Gastineau or Jackie Addison
P.O. Box 25438
Little Rock, AR 72221
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca