ATLANTA, May 16, 2003(PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, on behalf of investors who purchased or acquired the securities of Sycamore Networks, Inc., ("Sycamore" or the "Company"), (Nasdaq:SCMR), between January 10, 2000 and September 7, 2000, inclusive (the "Class Period"). The suit is brought against Robertson Stephens, Inc., and Paul Johnson. A copy of the complaint and a client certification is available on our website, www.classlaw.com. If you have questions concerning this matter or your rights, please contact Jennifer Morris at jlm@classlaw.com or 1-888-873-3999 ext. 6883.
The complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the complaint alleges that defendants Robertson Stephens and its analyst Paul Johnson issued materially false and misleading statements, analyst reports, and ``Buy'' recommendations on Sycamore. For example, the complaint alleges that the defendants praised Sycamore's acquisition of Sirocco Networks, Inc. ("Sirocco") while failing to disclose that Johnson owned Sirroco stock and that he stood to reap approximately $1.9 million from the acquisition. Moreover, the complaint alleges that as a result of defendants' biased analyst reports and ratings on Sycamore, and their failure to disclose Johnson's conflicts of interest, the price of Sycamore securities were artificially inflated during the Class Period, thereby causing plaintiff and members of the Class to suffer damages.
The deadline to file lead plaintiff papers, for those class members wishing to serve in this capacity, is June 2, 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 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 ext. 6883 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website, www.classlaw.com, by clicking on Sycamore Networks, where a copy of a complaint and a client certification are available.
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, which resulted in the highest recovery last year in a securities class action, commented favorably on counsel'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, 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