LOS ANGELES, April 25, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- representing shareholders of ADC Telecommunications, Inc. -- announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of ADC Telecommunications, Inc. ("ADC" or the "Company") (Nasdaq:ADCT) between November 28, 2000 and March 28, 2001, inclusive (the "Class Period"), may move the Court not later than May 5, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges ADC and certain of its officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning ADC's financial prospects caused ADC's stock price to become artificially inflated, inflicting damages on investors. ADC is a supplier of broadband-network equipment, software and services that enable communications service providers to deliver high-speed Internet, data and voice services across the so-called "last mile" connecting providers' offices to end-users' homes and businesses. The Complaint alleges that during the Class Period Defendants repeatedly represented that ADC would continue to achieve significant growth and would not be affected by widely known reductions in capital spending on the telecommunications infrastructure by communications service providers. Plaintiff claims that ADC's true financial performance and business prospects were revealed on March 28, 2001, when defendants acknowledged that the Company would lower its fiscal 2001 earnings guidance which defendants had issued only four weeks earlier, cut as many as 4,000 jobs and close facilities in the face of canceled orders and declining revenues caused by the reductions in spending on equipment by telecommunications service providers.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca