NEW YORK, April 15, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against JDS Uniphase Corporation ("JDS Uniphase" or the "Company") (Nasdaq:JDSU) and certain of its officers and directors in the United States District Court for the Northern District of California. The suit is brought on behalf of all persons or entities who purchased publicly traded securities of JDS Uniphase between July 27, 1999 and July 26, 2001, inclusive (the "Class Period").
The complaint charges JDS Uniphase and certain of its officers and directors with violations of the federal securities laws. The complaint alleges, among other things, that during the Class Period defendants were motivated to inflate the value of JDS Uniphase stock so that the Company could make acquisitions using stock and so the individual defendants, who are the top officers and directors of JDS Uniphase, could sell their shares. The Company also misrepresented the success of its largest acquisitions, including Optical Coating Labs, Cronos Integrated Microsystems, E-Tek Dynamics, and SDL, Inc. As a result of these positive statements, JDS Uniphase stock traded as high as $146.32.
The Individual Defendants, all top officers and directors of the Company, and its controlling shareholder took advantage of the inflation, selling or disposing of 25.2 million shares of their JDS Uniphase stock for proceeds of $2.1 billion. Then, on July 26, 2001, JDS Uniphase announced a restatement of March 31, 2001 results, the write-off of $44 billion in goodwill associated with its acquisitions, inventory write-downs and that EPS for the 2001 fiscal year would be only $0.16 and that it would incur a loss of $0.15 in its 2002 fiscal year. On this new, JDS Uniphase shares dropped to as low as $7.90 - or more than 94% lower than the Class Period high of $146.32.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than May 26, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Jonathan K. Levine, Esq. Hae Sung Nam, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca