NEW YORK, Jan. 28, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Tellium, Inc., ("Tellium" or the "Company") (Nasdaq:TELM) common stock during the period from May 17, 2001 through February 1, 2002, both dates inclusive (the "Class Period"). Tellium, certain of Tellium's officers and directors, and Morgan Stanley Dean Witter & Co. are named as defendants in the action.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, at Rabin, Murray & Frank LLP, 275 Madison Ave., New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Securities Act of 1933 by making a series of false and misleading statements and omissions of material fact contained in the Company's registration statement and prospectus (collectively "Prospectus") for the issuance and initial public offering of Tellium common stock on May 17, 2001. Specifically the Prospectus touted the Company's $300 million agreement with Qwest Communications Corporation ("Qwest"), stating, for example, that Qwest had committed to "purchase a minimum of $300 million of our optical switches over the first three years of the contract."
The Prospectus failed to disclose that Qwest agreed to purchase Tellium products in exchange for lucrative shares of Tellium in its initial public offering and that Qwest did not need the large number of switches they had ordered and, in fact, had no strong obligation to purchase more switches in the future. As a result of defendants' allegedly false and misleading statements and omissions of material fact in Tellium's Prospectus, shareholders acquired shares of Tellium common stock at artificially inflated prices, and were damaged thereby.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin, Murray & Frank at www.rabinlaw.com.
If you purchased Tellium common stock during the Class Period described above, you may, no later than February 21, 2003 move the Court to serve as lead plaintiff. 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 announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca