NEW YORK, Jan. 16, 2003 (PRIMEZONE) -- The law offices of Wechsler Harwood LLP today announced that a securities class action has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of Tellium, Inc. ("Tellium" or the "Company") (Nasdaq:TELM) publicly traded securities during the period between May 17, 2001 and February 1, 2002, inclusive (the "Class Period").
The case is pending the United States District Court for the District of New Jersey. A copy of the complaint filed in this action is available from the Court, or can be viewed on Wechsler Harwood web site at: www.whesq.com
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.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than February 21, 2003 to serve as a Lead Plaintiff for the Class. In order to serve as a Lead Plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com, extension-257
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca