Wechsler Harwood Halebian & Feffer LLP Announces Class Action Suit Against Advanced Switching Communications, Inc. (Nasdaq: ASCX)
PRNewswire
NEW YORK
Apr 11, 2002
The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action has been commenced on behalf of an investor in the United States District Court for the Eastern District of Virginia on behalf of purchasers of Advanced Switching Communications, Inc. ("Advanced Switching" or the "Company") (NASDAQ: ASCX) who publicly traded securities between October 5, 2000 and February 12, 2002, inclusive (the "Class Period").
The complaint alleges that defendants, Advanced Switching and certain of its officers and directors, violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. Specifically, the complaint alleges that throughout the Class Period, defendants issued a series of misstatements concerning shipment and capabilities of the Company's A-4000 product, the A-4500, and a $24 million contract with Qwest Communications. On February 5, 2002, Advanced Switching announced liquidation and subsequently announced on February 12, 2002, that one of the Company's principal customers sought a $17 million refund due to defective products.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than April 22, 2002, move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff."
The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4). You may move the Court to serve as lead plaintiff through counsel of their choice (and need not necessarily do so through plaintiff's counsel). (15 U.S.C. 78u-4(a)(3)). At this stage, providing information or communicating with counsel is unnecessary to participate in any recovery resulting from this litigation.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (http://www.whhf.com/) has more information about the firm. If you wish to discuss this action with the Company, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood Halebian & Feffer 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@whhf.com
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: Craig Lowther of Wechsler Harwood Shareholder Relations
Department, +1-877-935-7400, clowther@whhf.com
Website: http://www.whhf.com/