On April 10, 2001, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Southern District of California on behalf of purchasers of the securities of JNI Corporation ('JNI' or the 'Company') [NASDAQ: JNIC] who purchased the Company's common stock between October 16, 2000 and January 24, 2001, inclusive (the 'Class Period'), against JNI and certain of its officers and directors.
If you wish to read the current complaint, please click the Complaint link.
Based in San Diego, California, JNI designs and supplies Fibre Channel hardware and software products that connect servers and data storage devices to form storage area networks 'SANs. The Company markets high-performance application-specific integrated circuits, a broad range of Fibre Channel host bus adapters, and software that facilitates advanced SAN device integration and management. The company has offices throughout the United States and Munich, Germany. The complaint alleges that JNI and certain of its officers and directors violated federal securities laws.
Specifically, the complaint alleges that during the Class Period, JNI made false and misleading statements about its business and results causing its stock to trade at artificially inflated levels. As a result of this inflation, JNI was able to complete a $382 million stock offering. Then, on January 24, 2001, JNI reported lower than expected results causing the stock to drop on extraordinary trading volume. On January 25, 2001, JNI's stock price dropped to $20.0625 per share, or 84% below its Class Period high of $126 and 73% below the secondary offering price of $74. The stock has continued to decline since the end of the Class Period, dropping to below $7 per share.
Additional cases have been filed on behalf of investors. On June 1, 2001, motions were made for the appointment of Lead Plaintiff and Counsel. Lead Plaintiff and Counsel were appointed. A consolidated complaint was filed. On February 19, 2002, defendants filed a motion to dismiss. The Court granted the motion to dismiss, with leave to amend. Plaintiffs filed a second amended consolidated complaint. In August 2003, the Court dismissed the second complaint as well. Plaintiffs filed a third amended consolidated complaint. On March 10, 2004, the Court granted Defendants' Motion to Dismiss the Third Amended Complaint. Plaintiffs have appealed the dismissal to the United States Court of Appeals for the Ninth Circuit.
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 and San Diego. 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, or by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Michael Miske, Esq., or George Peters, Esq.) or click on the link marked "Participate In This Class Action."