LOS ANGELES, Aug. 24, 2004 (PRIMEZONE) -- A class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of purchasers (the "Class") of Netopia, Inc.'s securities ("Netopia" or the "Company") (Nasdaq:NTPA) between November 6, 2003 and July 6, 2004, inclusive (the "Class Period").
Defendants include Netopia, Alan B. Lefkof and William D. Baker. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5).
Netopia, Inc. develops, markets and supports broadband and wireless products and services. The Complaint alleges that Netopia and certain of its officers and directors made a series of material misrepresentations concerning Netopia's earnings, product costs, and sales to its largest customer. In addition, during the Class Period, Defendants and employees of Netopia sold more than $9 million of Netopia stock.
Plaintiff seeks to recover damages on behalf of the Class and is represented by the Braun Law Group, P.C. whose attorneys have significant experience and expertise in prosecuting class actions and have played lead roles in major cases resulting in the recovery of millions of dollars to investors.
If you are a member of the class described above, you may, no later than October 18, 2004, move the Court to serve as lead plaintiff, 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 with respect to this matter, please visit the firms website at www.braunlawgroup.com or contact us directly.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.