On March 27, 2003, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the District of Minnesota, on behalf of all persons who purchased the common stock of ADC Telecommunications, Inc. ('ADC' or the 'Company') [NASDAQ:ADCT] between November 28, 2000 and March 28, 2001, inclusive, (the 'Class Period') against defendants ADC and certain officers of the Company. The case name is Lapa v. William Cadogan., et al.
If you wish to read a copy of the complaint, please click the Complaint button at the bottom of the page. The Complaint alleges that ADC and certain of its officers violated federal securities laws by making false and misleading statements and material omissions regarding ADC's financial prospects. The Complaint further alleges that during the Class Period, defendants represented numerous times that ADC would maintain considerable growth and would be unaffected by broadly known declines in capital spending from communications service providers on the telecommunications infrastructure. On March 28, 2001, defendants disclosed that the Company's fiscal 2001 earnings guidance, issued four weeks prior, would be reduced. ADC also announced that approximately 4,000 jobs would be cut and facilities closed as the Company experienced canceled orders and decreasing revenues resulting from the declines in equipment spending by telecommunications service providers.
Additional cases were filed on behalf of investors. On May 5, 2003, motions were made to consolidate the various cases and appoint lead plaintiff and counsel. On June 23, 2003, the cases were consolidated under the caption In re: ADC Telecommunications, Inc. Securities Litigation, and lead plaintiff and counsel were appointed. On September 23, 2003, the consolidated amended complaint was filed, followed by defendants motion to dismiss. On May 17, 2004, the judge granted motion to dismiss. Plaintiffs filed a notice of appeal. On July 5, 2004, the 8th Circuit Court returned a judgment affirming the lower courts decision.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gustavo Bruckner, Esq., Michael Miske, Esq., George Peters, Esq., or Derek Behnke).