SPARTA, N.J., June 20, 2005 (PRIMEZONE) -- The following statement was issued today by the Law Offices of Leo W. Desmond:
A securities class action has been commenced on behalf of shareholders who acquired Carrier Access Corporation (Nasdaq:CACSE) securities between October 21, 2003 and May 20, 2005, inclusive (the "Class Period").
If you purchased Carrier Access Corporation securities between October 21, 2003 and May 20, 2005, you may, not later than August 1, 2005, move the court to serve as a lead plaintiff of the class action seeking to recover damages on behalf of all similarly-situated purchasers of Carrier Access Corporation securities, excluding the defendants and their affiliates.
No class has yet been certified in the above actions. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased stock during the class period, you have a right to become involved as a plaintiff but are not required to do so to recover damages.
In order to serve as a lead plaintiff, you must meet certain legal requirements. If you were a purchaser of the common stock of Carrier Access Corporation during the class period, you may call the Law Offices of Leo W. Desmond who will, without obligation or cost to you, attempt to answer your questions and concerns. You may contact the Law Offices of Leo W. Desmond at Thirteen Main Street, Suite Four, Sparta, New Jersey 07871, by calling toll free at 888-337-6663, by e-mail at Information@SecuritiesAttorney.com, or by visiting its website at http://www.SecuritiesAttorney.com.
The case is pending in the United States District Court for the District of Colorado against Carrier Access Corporation.
It is alleged that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)(5) promulgated thereunder, by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.