WASHINGTON, Oct. 23, 2001 (PRIMEZONE) -- The Law Office of Mark McNair announces that the lead plaintiff deadline for the securities class action lawsuit filed against Clarent Corp. (Nasdaq:CLRN) is approaching. The complaint is on behalf of, and seeks damages for, shareholders who purchased Clarent stock between April 19, 2001 and September 4, 2001. Specifically, the deadline for filing a Lead Plaintiff Motion is November 5, 2001.
To serve as lead plaintiff, you must meet certain legal requirements. The Law Office of Mark McNair recognizes that investors with significant losses often are uncertain about the class action process and they are unclear whether they should take an active role in a case. The Law Office of Mark McNair would be happy to review this process with you.
The complaint against Clarent alleges that the Company and some of its top executives defrauded investors. Specifically, according to the complaint, the Company improperly recognized revenue, substantially underreported its losses and issued materially overstated financial results for its first and second quarters of fiscal 2001. Following an announcement by the Company stating, among other things, that it had begun investigating a "potential overstatement of historical revenues" and had placed three executives on administrative leave, the Nasdaq Stock Market suspended trading of Clarent's stock pending the release of further news by the company.
To sign up online: http://www.justice4investors.com
If you have any questions, please contact Mark McNair at 1101 30th Street PN.W. Suite 500, Washington, D.C., 20007 by telephone at (877) 511.4717 or (202) 872.4717, via e-mail at wmmcnair@justice4investors.com or visit our website, www.justice4investors.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca