NEW YORK, Feb. 13, 2004 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud lawsuit against Sonus Networks, Inc. (Nasdaq:SONS) and certain of its officers and directors, on behalf of all persons who purchased Sonus securities on the open market from June 5, 2003 through February 11, 2004. The action was filed in the United States District Court for the District of Massachusetts. The complaint can be viewed on Wolf Popper=s website or obtained from the Court.
The complaint alleges that during the Class Period, defendants materially misrepresented Sonus' financial results and performance in press releases, SEC filings and public statements by improperly recognizing revenue in contravention of generally accepted accounting principles and the Company's revenue recognition policy.
On January 20, 2004, Sonus announced that it would postpone the release of its fiscal fourth quarter and year-end 2003 financial results pending the completion of its 2003 audit, but assured investors that there were no issues with its year-end audit.
On February 11, 2004, just after the financial markets closed, Sonus announced that it had discovered "certain issues, practices and actions of certain employees relating to both the timing of revenue recognized from certain customer transactions and to certain other financial statement accounts, which may affect the Company's 2003 financial statements and possibly financial statements for prior periods." The Company was unable to provide an anticipated date for the completion of its review, year-end audit, or the rescheduling of the release of its fourth quarter and fiscal year results for the year ended December 31, 2003.
In reaction to the foregoing disclosure, on February 12, 2004, Sonus' shares fell as low as $5.02 per share, a decline of 24.9% or $1.67 per share from their February 11, 2004 closing price.
Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders.
Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than April 12, 2004. Class members who are interested in serving as a lead plaintiff in this action, or other persons who have questions or information regarding the prosecution of this action, are urged to call or write:
Wolf Popper LLP Renee L. Karalian, Esq. 845 Third Avenue New York, NY 10022 Tel.: 212.451.9642 Toll Free: 877.370.7703 Fax: 212.486.2093 Toll Free Fax: 877.370.7704 irrep@wolfpopper.com www.wolfpopper.com