LITTLE ROCK, Ark., May 21, 2003 (PRIMEZONE) -- The law firm of Emerson Poynter LLP announced today that a class action has been filed in the United States District Court for the District of Minnesota on behalf of employees and former employees who participated in ADC Telecommunications, Inc.'s ("ADCT" or the "Company")(Nasdaq:ADCT) 401(k) retirement plan from November 2, 2000 to the present day.
The complaint charges ADCT and certain of its officers for breach of fiduciary duty and violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The complaint further alleges that the defendants failed to manage the plan appropriately, failed to adequately monitor and review the performance and suitability of investment options, failed to provide timely, accurate and complete information regarding the present and future prospects of the Company; and exerted undue influence on ADCT plan participants to buy Company stock within the plan. If you are a present or former participant in the ADCT 401(k) plan and would like to have a copy of the complaint, or further information, please email or call Emerson Poynter LLP.
Emerson Poynter LLP has substantial experience representing clients in federal class action cases for violations of ERISA, and is presently prosecuting such in cases involving Enron and Reliant Energy. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents clients throughout the nation. If you have any questions about how you may be able to recover for your losses, you are encouraged to email or call Emerson Poynter LLP toll free.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.