BALTIMORE, Feb. 22, 2002 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action has been commenced on behalf of shareholders who acquired Advanced Switching Communications, Inc. (Nasdaq:ASCX) securities between October 5, 2000 and February 12, 2002, inclusive (the Class Period).
The case is pending in the United States District Court, Eastern District of Virginia, Alexandria Division, located at 401 Courthouse Square, Alexandria, Virginia 22314, against defendants Advanced Switching, Asghar D. Mostafa, Harry J. D'Andrea, Robert Ted Enloe, III, Betsy S. Atkins, Ronald S. Westernik, and Morgan Stanley Dean Witter.
The action charges that defendants violated Sections 11 and 15 of the Securities Act of 1933 by issuing a materially false and misleading Prospectus and Registration Statement ("Prospectus") in connection with the Company's initial public offering ("IPO"), and that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between October 5, 2000 and February 12, 2002, thereby artificially inflating the price of Advanced Switching securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the class period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of a stock listed above during the period indicated and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by e-mail at hoffman@pivenlaw.com or by calling 410/986-0036.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.