Computer Networks Industry News SampleNov 16, 2005 12:00:26
JUNIPER NETWORKS: NY Court Preliminarily OKs Lawsuit Settlement
NEW YORK (SunStream News) -- The United States District Court for the Southern District of New York granted preliminary approval to the settlement of the consolidated securities class action filed against Juniper Networks, Inc., certain of its officers and:
(1) Goldman Sachs Group, Inc.,
(2) Credit Suisse First Boston Corporation,
(3) FleetBoston Robertson Stephens, Inc.,
(4) Royal Bank of Canada (Dain Rauscher Wessels),
(5) SG Cowen Securities Corporation,
(6) UBS Warburg LLC (Warburg Dillon Read LLC),
(7) Chase (Hambrecht & Quist LLC),
(8) J.P. Morgan Chase & Co.,
(9) Lehman Brothers, Inc.,
(10) Salomon Smith Barney, Inc.,
(11) Merrill Lynch, Pierce, Fenner & Smith, Incorporated
This action was brought on behalf of purchasers of the Company's common stock in the Company's initial public offering in June 1999 and its secondary offering in September 1999. Specifically, among other things, this complaint alleged that the prospectus pursuant to which shares of common stock were sold in the Company's initial public offering and its subsequent secondary offering contained certain false and misleading statements or omissions regarding the practices of the Underwriters with respect to their allocation of shares of common stock in these offerings and their receipt of commissions from customers related to such allocations.
Various plaintiffs have filed actions asserting similar allegations concerning the initial public offerings of approximately 300 other issuers. These various cases pending in the Southern District of New York have been coordinated for pretrial proceedings as "In re Initial Public Offering Securities Litigation, 21 MC 92."
In April 2002, plaintiffs filed a consolidated amended complaint in the action against the Company, alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Defendants in the coordinated proceeding filed motions to dismiss. In October 2002, the Company's officers were dismissed from the case without prejudice pursuant to a stipulation. On February 19, 2003, the court granted in part and denied in part the motion to dismiss, but declined to dismiss the claims against the Company.
In June 2004, a stipulation for the settlement and release of claims against the issuers, including the Company, was submitted to the Court for approval. The terms of the settlement, if approved, would dismiss and release all claims against participating defendants (including the Company). In exchange for this dismissal, Directors and Officers insurance carriers would agree to guarantee a recovery by the plaintiffs from the underwriter defendants of at least $1 billion, and the issuer defendants would agree to an assignment or surrender to the plaintiffs of certain claims the issuer defendants may have against the underwriters. On August 31, 2005, the Court granted preliminary approval of the settlement.
The suit is styled "In Juniper Networks, Inc. Securities Litigation," related to "In re Initial Public Offering Securities Litigation, Master File No. 21 MC 92 (SAS)," filed in the United States District Court for the Southern District of New York under Judge Shira A. Scheindlin. The plaintiff firms in this litigation are:
(1) Bernstein Liebhard & Lifshitz LLP (New York, NY), 10 E. 40th Street, 22nd Floor, New York, NY, 10016, Phone: 800.217.1522, E-mail: info@bernlieb.com
(2) Milberg Weiss Bershad Hynes & Lerach, LLP (New York, NY), One Pennsylvania Plaza, New York, NY, 10119-1065, Phone: 212.594.5300,
(3) Schiffrin & Barroway, LLP, 3 Bala Plaza E, Bala Cynwyd, PA, 19004, Phone: 610.667.7706, Fax: 610.667.7056, E- mail: info@sbclasslaw.com
(4) Sirota & Sirota, LLP, 110 Wall Street 21st Floor, New York, NY, 10005, Phone: 888.759.2990, Fax: 212.425.9093, E-mail: Info@SirotaLaw.com
(5) Stull, Stull & Brody (New York), 6 East 45th Street, New York, NY, 10017, Phone: 310.209.2468, Fax: 310.209.2087, E-mail: SSBNY@aol.com
(6) Wolf, Haldenstein, Adler, Freeman & Herz LLP, 270 Madison Avenue, New York, NY, 10016, Phone: 212.545.4600, Fax: 212.686.0114, E-mail: newyork@whafh.comss/car
Source: Class Action Reporter
Publication Date: 2005-11-16
COY: JNPR
IND: NET REA
GEO: n-us-ny
 |
 |
