Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Applied Micro Circuits Corporation Seeking Damages on Behalf of Investors

Apr 27, 2001, 01:00 ET from Cauley Geller Bowman & Coates, LLP

    LITTLE ROCK, Ark., April 27 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that a class action has been filed in the
 United States District Court for the Southern District of California on behalf
 of purchasers of Applied Micro Circuits Corporation (Nasdaq: AMCC) ("Applied
 Micro Circuits" or the "Company") publicly traded securities during the period
 between November 30, 2000 and February 5, 2001, inclusive (the "Class
 Period").
     The complaint charges Applied Micro Circuits and certain officers and
 directors with violating the federal securities laws by issuing a series of
 materially false and misleading statements concerning the Company's operations
 and prospects for Q4 2001 and beyond, including that: (i) Applied Micro
 Circuits was on track to achieve 16% to 20% sequential growth for the fourth
 quarter 2001, compared with analysts' forecasts of 13% growth, in spite of all
 the recent concerns regarding carrier Capex spending and telecom equipment
 slowdowns; (ii) Applied Micro Circuits had $133 million in backlog, equal to
 77% of its March 2001 forecast, and that this backlog was solid; (iii) the
 increase in the Company's Q3 days sales outstanding ("DSOs")  was not
 attributable to many of the financial problems its customers were having but
 rather due to a recent acquisition and back-end loading due to foundry issues;
 (iv) MMC, Applied Micro Circuit's new subsidiary, had not been notified of any
 material order push-outs or cancellations; (v) Applied Micro Circuits demand
 was so strong that its only real restraint on its future financial prospects
 was its ability to have enough supply; and (vi) the Company would
 conservatively report fourth quarter EPS of $0.17 and fiscal 2001 EPS of
 $0.57.
     The complaint charges that defendants' misrepresentations caused the price
 of Applied Micro Circuits securities to be artificially inflated throughout
 the Class Period.  Taking advantage of the inflation in Applied Micro
 Circuits' stock caused by their statements, the Applied Micro Circuit insiders
 sold nearly $100 million worth of their own shares at artificially inflated
 prices of as much as $87 per share.
     On February 5, 2001, after the close of trading, the truth concerning
 Applied Micro Circuit's operations and the sudden filings by the Company's
 officers to sell their personal holdings in Applied Micro Circuit came under
 fire from analysts as they questioned Applied Micro Circuit about its claimed
 unique position in the optical space.  Defendants were forced to disclose that
 in fact Applied Micro Circuits was experiencing large order cancellations and
 push-outs with its OC-12, OC-48 and OC-192 products.  This news caused Applied
 Micro Circuit's stock price to plunge from its closing price of $70 where they
 had traded days before when defendants were selling their own shares to as low
 as $53 on February 6, 2001.
     If you bought the securities of Applied Micro Circuits between
 November 30, 2000 and February 5, 2001, inclusive, you may, no later than
 June 11, 2001 request that the Court appoint you as lead plaintiff.  A lead
 plaintiff is a representative party that acts on behalf of other class members
 in directing the litigation.  In order to be appointed lead plaintiff, the
 Court must determine that the class member's claim is typical of the claims of
 other class members, and that the class member will adequately represent the
 class.  Under certain circumstances, one or more class members may together
 serve as "lead plaintiff."  Your ability to share in any recovery is not,
 however, affected by the decision whether or not to serve as a lead plaintiff.
 You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your
 choice, to serve as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-
 mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X13200896
 
 

SOURCE Cauley Geller Bowman & Coates, LLP
    LITTLE ROCK, Ark., April 27 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that a class action has been filed in the
 United States District Court for the Southern District of California on behalf
 of purchasers of Applied Micro Circuits Corporation (Nasdaq: AMCC) ("Applied
 Micro Circuits" or the "Company") publicly traded securities during the period
 between November 30, 2000 and February 5, 2001, inclusive (the "Class
 Period").
     The complaint charges Applied Micro Circuits and certain officers and
 directors with violating the federal securities laws by issuing a series of
 materially false and misleading statements concerning the Company's operations
 and prospects for Q4 2001 and beyond, including that: (i) Applied Micro
 Circuits was on track to achieve 16% to 20% sequential growth for the fourth
 quarter 2001, compared with analysts' forecasts of 13% growth, in spite of all
 the recent concerns regarding carrier Capex spending and telecom equipment
 slowdowns; (ii) Applied Micro Circuits had $133 million in backlog, equal to
 77% of its March 2001 forecast, and that this backlog was solid; (iii) the
 increase in the Company's Q3 days sales outstanding ("DSOs")  was not
 attributable to many of the financial problems its customers were having but
 rather due to a recent acquisition and back-end loading due to foundry issues;
 (iv) MMC, Applied Micro Circuit's new subsidiary, had not been notified of any
 material order push-outs or cancellations; (v) Applied Micro Circuits demand
 was so strong that its only real restraint on its future financial prospects
 was its ability to have enough supply; and (vi) the Company would
 conservatively report fourth quarter EPS of $0.17 and fiscal 2001 EPS of
 $0.57.
     The complaint charges that defendants' misrepresentations caused the price
 of Applied Micro Circuits securities to be artificially inflated throughout
 the Class Period.  Taking advantage of the inflation in Applied Micro
 Circuits' stock caused by their statements, the Applied Micro Circuit insiders
 sold nearly $100 million worth of their own shares at artificially inflated
 prices of as much as $87 per share.
     On February 5, 2001, after the close of trading, the truth concerning
 Applied Micro Circuit's operations and the sudden filings by the Company's
 officers to sell their personal holdings in Applied Micro Circuit came under
 fire from analysts as they questioned Applied Micro Circuit about its claimed
 unique position in the optical space.  Defendants were forced to disclose that
 in fact Applied Micro Circuits was experiencing large order cancellations and
 push-outs with its OC-12, OC-48 and OC-192 products.  This news caused Applied
 Micro Circuit's stock price to plunge from its closing price of $70 where they
 had traded days before when defendants were selling their own shares to as low
 as $53 on February 6, 2001.
     If you bought the securities of Applied Micro Circuits between
 November 30, 2000 and February 5, 2001, inclusive, you may, no later than
 June 11, 2001 request that the Court appoint you as lead plaintiff.  A lead
 plaintiff is a representative party that acts on behalf of other class members
 in directing the litigation.  In order to be appointed lead plaintiff, the
 Court must determine that the class member's claim is typical of the claims of
 other class members, and that the class member will adequately represent the
 class.  Under certain circumstances, one or more class members may together
 serve as "lead plaintiff."  Your ability to share in any recovery is not,
 however, affected by the decision whether or not to serve as a lead plaintiff.
 You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your
 choice, to serve as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-
 mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X13200896
 
 SOURCE  Cauley Geller Bowman & Coates, LLP