LOS ANGELES, April 12, 2002 (PRIMEZONE) -- A class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of purchasers of JDS Uniphase Corporation (Nasdaq:JDSU) securities between July 27, 1999 and July 26, 2001, inclusive.
The complaint alleges that the Company, certain of its high-ranking officers and its controlling shareholder violated federal securities laws by deliberately inflating the stock price of JDSU through the issuance of false and misleading reports, press releases and statements to securities analysts. Specifically, defendants misrepresented the demand for the Company's products, misrepresented the success of its acquisitions, and failed to timely account for changes in goodwill. The complaint alleges that defendants needed to maintain an artificially inflated stock price in order to successfully negotiate stock-for-stock acquisitions. In addition, defendants also used the opportunity to sell off over 25 million shares of their personal holdings of JDSU stock at artificially inflated prices.
Plaintiffs seek to recover damages on behalf of the Class and are represented by Stull, Stull & Brody. The firm, with offices in New York and Los Angeles, has extensive experience in complex litigation, particularly securities class actions, and has been appointed lead class counsel in numerous consolidated and multi-district cases. You may visit Stull, Stull & Brody's Website at www.secfraud.com.
If you are a member of the Class as described above, you may move the court no later than May 26, 2002, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this suit or have any questions or concerns regarding this notice, or preservation of your rights or interests, please contact:
Timothy J. Burke, Esq. Stull, Stull & Brody Telephone: (888) 388-4605 email: tburke@secfraud.com Internet: www.secfraud.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.