PHILADELPHIA, Dec. 1, 2000 (PRIMEZONE) -- Spector, Roseman & Kodroff, P.C. has filed a complaint in the United States District Court for the Northern District of California, on behalf of all persons who purchased Copper Mountain Network, Inc. ("Copper Mountain" or the "Company") (Nasdaq:CMTN) common stock between April 19, 2000 and October 17, 2000 (the "Class Period").
Specifically, the complaint charges Copper Mountain and certain of its officers and directors with violations of the Securities Exchange Act of 1934 and alleges that defendants disseminated false and misleading statements concerning Copper Mountain's business with Lucent Technologies, Inc. ("Lucent") and its prospects for fiscal 2000 and beyond. In reality, Copper Mountain's relationship with one of its largest customers, Lucent, was faltering and defendants knew that Copper Mountain could not possibly achieve its reported EPS and revenue growth.
Defendants' misrepresentations, which artificially inflated the price of Copper Mountain stock during the Class Period, permitted defendants to sell $15 million worth of their own Copper Mountain shares at prices as high as $90 per share or 900% higher than the price to which Copper Mountain shares dropped at the end of the Class Period, as Copper Mountain's true prospects began to reach the market.
If you are a member of the Class described, you may, no later than December 22, 2000, move the Court to serve as lead plaintiff for the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman at 1-888-844-5862 or via e-mail at classaction@spectorandroseman.com.
For more detailed information about the firm please visit its website at http://www.spectorandroseman.com.
SPECTOR, ROSEMAN & KODROFF, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws. As result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.