NEW YORK, Feb. 26, 2004 (PRIMEZONE) -- On February 23, 2004, Wechsler Harwood LLP filed a class action complaint in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased Sonus Networks, Inc. ("Sonus'" or the "Company'") securities (Nasdaq:SONS) during the period between April 9, 2003 and February 11, 2004, both dates inclusive (the "Class Period").
The complaint alleges that during the Class Period, defendants caused Sonus Networks shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Sonus Networks was able to complete a public offering of 20 million shares, raising proceeds of $61 million on April 22, 2003. On February 11, 2004, the Company issued a press release which stated: "Sonus Networks today provided additional information regarding the delay in reporting its fourth quarter and full fiscal year financial results for the year ended December 31, 2003. In connection with the year-end audit, Sonus Networks and its independent auditors have identified certain issues, practices and actions of certain employees relating to both the timing of revenue recognized from certain customer transactions and to certain other financial statement accounts, which may affect the Company's 2003 financial statements and possibly financial statements for prior periods." The stock dropped below $6 per share on this news.
If you purchased or otherwise acquired Sonus securities during the Class Period, you may, no later than April 12, 2004, move the Court to appoint you as lead plaintiff, a representative party who acts on behalf of the other class members in directing the litigation. Your ability to share in any recovery is not affected by whether or not you serve as a lead plaintiff. You may retain Wechsler Harwood LLP or other counsel of your choice.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
Wechsler Harwood Shareholder Relations Department: clowther@whesq.com extension 257.