NEW YORK, March 30, 2001 (PRIMEZONE) -- The New York office of The Rosen Law Firm P.A. (www.rosenlegal.com) announced that there is an April 17, 2001 deadline to file an application to serve as lead plaintiff in the class action litigation on behalf of all persons who purchased the common stock of Nortel Networks Corporation ("Nortel" or the "Company") (NYSE:NT) (TSE:NT) during the period between Nov. 1, 2000 through Feb. 15, 2001, inclusive.
If you wish to join this litigation as plaintiff, or have questions regarding the class action, you may contact Laurence Rosen, Esq. toll free at 866-Rosenlegal (866-767-3653) or via e-mail at lrosen@rosenlegal.com or visit www.rosenlegal.com on the world wide web.
The complaint filed by The Rosen Law Firm P.A. on March 14, 2001, alleges that beginning in November 2000 the defendants violated federal securities laws by issuing a series of materially false and misleading information that misrepresented the level of demand for its products from its customers. The complaint further alleges that defendants knew at the time they made these statements that, in fact, Nortel was experiencing a substantial shortfall in first quarter sales and earnings due to decreased orders from its customers. As a result of these false and misleading statements, Nortel's stock price was artificially inflated throughout the Class Period, causing plaintiffs and the other members of the class to suffer damages.
If you purchased Nortel securities between Nov. 1, 2000, and Feb. 15, 2001, inclusive, and wish to actively participate in this litigation, you may move the court to serve as a lead plaintiff no later than April 17, 2001. In order to serve as a lead plaintiff, you must meet certain legal requirements. You are not required to serve as lead plaintiff, however, in order to preserve your rights as a class member.
The Rosen Law Firm P.A. is a law-firm with offices in New York City and New Jersey that concentrates its practice in the representation of shareholders in securities class actions. To join the Nortel litigation as plaintiff or for further information, please visit the website at www.rosenlegal or email lrosen@rosenlegal.com or call 866-Rosenlegal (866-767-3653) for more information.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.