Technology Industry
Industry: Email Alert RSS FeedShareholders file class action against Lucent.
RCR Wireless News, December, 2000 by OMATSEYE, SAM
Lucent Technologies Inc. seems to face adversity on all fronts. On the technical front, its competitors have roared past with optical equipment innovations. On the business front, it keeps issuing heartbreaking profit warnings. On the accounting front, it overstated its fourth-quarter results.
Last week, the siege intensified on two other fronts. Its shareholders unleashed legal ammunitions with a class-action lawsuit over its exaggerated fourth-quarter warnings and Standard & Poor's rating of the company fell to "negative."
The class-action lawsuit was brought in U.S. District Court for the District of New Jersey on behalf Lucent's common stock purchasers by the law offices of Dennis J. Johnson.
The shareholders allege that Lucent...
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