Law Offices of Dennis J. Johnson Announces Class Action Lawsuit Against Lucent Technologies, Inc

Business Wire, Nov 29, 2000

Business Editors and Legal Writers

SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--Nov. 29, 2000

Class Action Suit Filed Against Lucent Technologies, Inc. by

Law Offices of Dennis J. Johnson

Notice is hereby given that the Law Offices of Dennis J. Johnson commenced a class action lawsuit in the United States District Court for the District of New Jersey, Camden Division, on behalf of purchasers of the common stock of Lucent Technologies, Inc. ("Lucent" or the "Company") (NYSE: LU - news) between October 10, 2000, through and including November 21, 2000, inclusive (the "Class Period"). On November 29, 2000, the case was transferred to the Court's Newark Division, located at the Martin Luther King Jr. Federal Building, 50 Walnut Street, Newark, New Jersey 07101, telephone number 973-645-3730 and assigned number 00-CV-5838. The caption of the case is Stone v. Lucent Technologies, Inc., et al.

The Complaint alleges that the Company, Henry B. Schacht, its current Chief Executive Officer, Richard McGinn, its prior Chief Executive Officer and Chairman of Lucent's Board, and Deborah C. Hopkins, its Chief Financial Officer, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. As alleged in the Complaint, on October 10, 2000, Lucent issued a press release announcing that its fourth quarter results would be 17-18 cents per share. Thereafter, on October 23, 2000 Lucent announced that it earned 18 cents per share in the fourth quarter. In contrast to these announcements, at the end of the Class Period, Lucent announced that it would be forced to reduce its previously announced revenue results by $125 million due to "revenue recognition issues" and that its previously announced results for the fourth quarter had been overstated by 2 cents per share. In response, Lucent's stock dropped $3.25 per share on over 60 million shares. The Complaint alleges that the October 10 and 23, 2000 statements were issued without a reasonable basis, and served to artificially inflate the market price of Lucent's stock, causing all purchasers during the Class Period to overpay for such stock. Plaintiff seeks to recover such overpayments.

Plaintiff is represented by The Law Offices of Dennis J. Johnson, a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs apprized of the occurrences in the litigation. Mr. Johnson was an attorney with the enforcement division of the U.S. Securities and Exchange Commission from 1980-1985 and since that time, has primarily prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors in numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts.

If you bought Lucent common stock between October 10, 2000 and November 21, 2000, you may, no later than January 21, 2001, request that the Court appoint you as lead plaintiff. Under the Private Securities Litigation Reform Act, the Plaintiff or group of Plaintiffs with the largest financial interest in the relief sought by the Class and who timely moves the Court as set forth above, is presumptively entitled to serve as Lead Plaintiff and select lead counsel. If you wish to discuss this action or have any questions, please contact: Dennis J. Johnson, Esquire or Jacob B. Perkinson, Esquire at The Law Offices of Dennis J. Johnson, 1690 Williston Road, South Burlington, Vermont 05403, toll free at 1-888-459-7855 or via e-mail at LODJJ@aol.com.