Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against JNI Corp. Seeking Damages on Behalf of Shareholders

Apr 13, 2001, 01:00 ET from Cauley Geller Bowman & Coates, LLP

    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Southern District of California on behalf
 of all individuals and institutional investors that purchased the common stock
 of JNI Corp. (Nasdaq:   JNIC) ("JNI" or the "Company") between October 16, 2000
 and January 24, 2001, inclusive, including stock purchased pursuant to JNI's
 October 19, 2000 Secondary Offering (the "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's business and financial
 condition, and as a result of these false and misleading statements the
 Company's stock traded at artificially inflated prices during the class
 period.  JNI designs and supplies Fibre Channel hardware and software products
 that connect servers and data storage devices to form storage area networks
 ("SANs").  The complaint alleges that during the Class Period, JNI made false
 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 (including the over-allotment) pursuant
 to a Registration Statement and Prospectus dated 10/19/00.
     JNI's stock price declined in early 11/00 due to stories appearing in the
 press questioning the Company's competitive position and the pending
 resignation of its CEO.  However, the stock continued to be inflated as
 defendants asserted there were no problems with the business and it was
 "business as usual," and the CEO asserted that he would stay actively involved
 with the Company as a member of the board.  Then, on 1/24/01, JNI reported
 4thQ 00 revenues of only $30.7 million and analysts reduced 2001 EPS estimates
 to $0.80.  Upon this disclosure, JNI's stock dropped to as low as $20, 84%
 below the Class Period high, on volume of 4.4 million shares.
     If you bought the common stock of JNI between October 16, 2000 and
 January 24, 2001, inclusive, you may, no later than June 1, 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
 
 

SOURCE Cauley Geller Bowman & Coates, LLP
    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Southern District of California on behalf
 of all individuals and institutional investors that purchased the common stock
 of JNI Corp. (Nasdaq:   JNIC) ("JNI" or the "Company") between October 16, 2000
 and January 24, 2001, inclusive, including stock purchased pursuant to JNI's
 October 19, 2000 Secondary Offering (the "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's business and financial
 condition, and as a result of these false and misleading statements the
 Company's stock traded at artificially inflated prices during the class
 period.  JNI designs and supplies Fibre Channel hardware and software products
 that connect servers and data storage devices to form storage area networks
 ("SANs").  The complaint alleges that during the Class Period, JNI made false
 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 (including the over-allotment) pursuant
 to a Registration Statement and Prospectus dated 10/19/00.
     JNI's stock price declined in early 11/00 due to stories appearing in the
 press questioning the Company's competitive position and the pending
 resignation of its CEO.  However, the stock continued to be inflated as
 defendants asserted there were no problems with the business and it was
 "business as usual," and the CEO asserted that he would stay actively involved
 with the Company as a member of the board.  Then, on 1/24/01, JNI reported
 4thQ 00 revenues of only $30.7 million and analysts reduced 2001 EPS estimates
 to $0.80.  Upon this disclosure, JNI's stock dropped to as low as $20, 84%
 below the Class Period high, on volume of 4.4 million shares.
     If you bought the common stock of JNI between October 16, 2000 and
 January 24, 2001, inclusive, you may, no later than June 1, 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
 
 SOURCE  Cauley Geller Bowman & Coates, LLP