NEW YORK, Jan. 27, 2003 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the United States District Court for the Southern District of New York, case number 03 CV 0590, against Robertson Stephens, Inc. ("Robertson Stephens") and its former managing director and senior research analyst Paul Johnson ("Johnson") on behalf of investors who purchased the common stock of Corvis Corporation ("Corvis" or the "Company") (Nasdaq:CORV) during the period from August 22, 2000 through January 29, 2001, inclusive (the "Class Period").
The lawsuit charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading analyst reports on Corvis, a maker of optical networking equipment, that contradicted defendant Johnson's privately held beliefs. As a result of defendants' false and misleading statements, the market price of Corvis common stock was artificially inflated, maintained or stabilized during the Class Period.
On January 9, 2003, the Securities and Exchange Commission ("SEC") and the National Association of Securities Dealers charged Paul Johnson for issuing "Buy" ratings on Corvis to the public while privately advising a group of Robertson Stephens limited partnerships (in which Johnson had invested) to sell their Corvis shares. The SEC complaint also charged Johnson with issuing positive research reports on Redback Networks, Inc. and Sycamore Networks, Inc. in which Johnson praised proposed acquisitions by Redback and Sycamore of two private companies in which Johnson had undisclosed investments.
If you purchased the common stock of Corvis during the Class Period, you have until March 28, 2003 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca