| Company: | Sonus Networks, Inc. |
| Ticker Symbol: | NASD: SONS |
| Class Period: | June 3, 2003 to February 11, 2004 |
| Court: | District, MA |
| Date Filed: | Feb-13-04 |
| Lead Plaintiff Deadline: | Apr-12-04 |
| Allegations: |
A securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Sonus Networks, Inc. (NASDAQ: SONS) between June 3, 2003 and February 11, 2004, inclusive (the "Class Period").
The case is pending in the United States District Court for the District of Massachusetts. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The case is pending in the United States District Court for the District of Massachusetts. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
