Law Firm Berman DeValerio & Pease Announces Class Action Lawsuit Against Lucent Technologies, Inc

Business Wire, Jan 3, 2001

Business Editors & Legal Writers

NEWARK, N.J.--(BUSINESS WIRE)--Jan. 3, 2001

Berman DeValerio & Pease Announce Pending Shareholder Class Action

Accusing Lucent Technologies, Inc. Securities Fraud

In a class action currently pending in federal court, Lucent Technologies, Inc. (NYSE: LU) is accused of deceiving investors by overstating revenues, Berman DeValerio & Pease LLP (www.bermanesq.com) said today.

The lawsuit was filed December 29 in United States District Court for the District of New Jersey. It seeks damages for violations of federal securities laws on behalf of anyone who bought Lucent stock between July 20, 2000 and December 20, 2000 (the "Class Period").

Lucent, which is based in Murray Hill, N.J., develops, makes, sells and services telecommunications equipment. Berman DeValerio & Pease has represented defrauded investors in class actions for nearly two decades.

The complaint charges Lucent and two of its top officers with inflating the company's stock price during the Class Period by issuing financial statements that misrepresented the company's revenues and earnings. During that time, Lucent improperly recognized an estimated $679 million in revenue and announced that it would restate its fiscal fourth quarter financial statements. The company said it improperly recognized revenue for a variety of reasons, including prematurely booked sales and misleading documentation.

When news of Lucent's restatement hit the financial news wires on December 20, its stock dropped sharply.

If you purchased Lucent common stock between July 20, 2000 and December 20, 2000, you may wish to contact the following attorneys at Berman DeValerio & Pease to discuss your rights and interests:

N. Nancy Ghabai, Esq.

Michael Lange, Esq.

Berman DeValerio & Pease

One Liberty Square, Boston, MA 02109

bdplaw@bermanesq.com

(800) 516-9926

You may also visit us at our website at www.bermanesq.com.

If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than February 27, 2001

To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action.

With offices in Boston and San Francisco, Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case.