ATLANTA, Feb. 14, 2003 (PRIMEZONE) -- Chitwood & Harley LLP reminds investors of the lead plaintiff deadline in the class action suit pending in the United States District Court for the District of New Jersey, against Tellium, Inc. on behalf of all persons who purchased or otherwise acquired the securities of Tellium Inc., ("Tellium" or the "Company") (Nasdaq:TELM) from May 17, 2001 through February 1, 2002, inclusive (the "Class Period").
If you are interested in serving as a lead plaintiff in this action, the deadline to file papers seeking your appointment is February 21, 2003. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website at www.classlaw.com by clicking on Tellium.
The complaint charges Tellium, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants failed to disclose that: (i) Qwest agreed to purchase Tellium products, in return, Qwest executives received lucrative shares of Tellium in conjunction with its IPO, a fact that was not disclosed to the public; (ii) Qwest did not need the large number of switches they had ordered from Tellium and, in fact, had no strong obligation to purchase more switches in the future and could avoid their contractual obligations with relative ease; (iii) after issuing positive statements about the Company's financial standing, defendants Bunting and Glassmeyer unloaded large amount of their shares (iv) and because the Company issued false and misleading statements about Tellium's business and the Qwest contract, the Company's shares have been traded at artificially inflated prices, as high as $29 per share.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley.
Recently, the federal judge in In re BankAmerica Securities Litigation, where the firm negotiated a $490 million recovery for the class, commented favorably on the firm's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca