Milberg Weiss Expands Class Period for Class Action Suit Filed Against JNI Corporation

Apr 04, 2001, 01:00 ET from Milberg Weiss Bershad Hynes & Lerach LLP

    SAN DIEGO, April 4 /PRNewswire/ -- Milberg Weiss
 (http://www.milberg.com/jni/) today announced that a class action has been
 commenced in the United States District Court for the Southern District of
 California on behalf of purchasers of JNI Corporation ("JNI") (Nasdaq:   JNIC)
 common stock during the period between October 16, 2000 and March 28,
 2001 (the "Class Period"), including stock purchased pursuant to JNI's
 10/19/00 Secondary Offering.
     If you wish to serve as lead plaintiff, you must move the Court no later
 than 60 days from April 2, 2001.  If you wish to discuss this action or have
 any questions concerning this notice or your rights or interests, please
 contact plaintiffs' counsel, William Lerach or Darren Robbins of Milberg Weiss
 at 800/449-4900 or via e-mail at wsl@milberg.com.  You can join this class
 action online at http://www.milberg.com/jni/.
     The complaint charges JNI and certain of its officers and directors with
 violations of the Securities Exchange Act of 1934.  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.
     On 1/24/01, JNI reported 4thQ 00 revenues of only $30.7 million and
 analysts reduced 2001 EPS estimates to $0.80.  On 2/6/01, JNI's former CEO
 announced his resignation, effective 2/1/01.  Then, on 3/28/01, JNI revealed
 that 1stQ 01 revenues would be only $20-$21 million.  Upon these later
 disclosures, JNI's stock dropped to 7-3/8, 94% below the Class Period high.
     Plaintiffs seek to recover damages on behalf of all purchasers of JNI
 common stock during the Class Period (the "Class"), including stock purchased
 pursuant to JNI's 10/19/00 Secondary Offering.  The plaintiffs are represented
 by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting
 investor class actions and extensive experience in actions involving financial
 fraud.
     Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices
 in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and
 Philadelphia, is active in major litigations pending in federal and state
 courts throughout the United States.  Milberg Weiss has taken a leading role
 in many important actions on behalf of defrauded investors, consumers, and
 companies, as well as victims of World War II and other human rights
 violations, and has been responsible for more than $30 billion in aggregate
 recoveries.  The Milberg Weiss website (http://www.milberg.com) has more
 information about the firm.
 
 

SOURCE Milberg Weiss Bershad Hynes & Lerach LLP
    SAN DIEGO, April 4 /PRNewswire/ -- Milberg Weiss
 (http://www.milberg.com/jni/) today announced that a class action has been
 commenced in the United States District Court for the Southern District of
 California on behalf of purchasers of JNI Corporation ("JNI") (Nasdaq:   JNIC)
 common stock during the period between October 16, 2000 and March 28,
 2001 (the "Class Period"), including stock purchased pursuant to JNI's
 10/19/00 Secondary Offering.
     If you wish to serve as lead plaintiff, you must move the Court no later
 than 60 days from April 2, 2001.  If you wish to discuss this action or have
 any questions concerning this notice or your rights or interests, please
 contact plaintiffs' counsel, William Lerach or Darren Robbins of Milberg Weiss
 at 800/449-4900 or via e-mail at wsl@milberg.com.  You can join this class
 action online at http://www.milberg.com/jni/.
     The complaint charges JNI and certain of its officers and directors with
 violations of the Securities Exchange Act of 1934.  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.
     On 1/24/01, JNI reported 4thQ 00 revenues of only $30.7 million and
 analysts reduced 2001 EPS estimates to $0.80.  On 2/6/01, JNI's former CEO
 announced his resignation, effective 2/1/01.  Then, on 3/28/01, JNI revealed
 that 1stQ 01 revenues would be only $20-$21 million.  Upon these later
 disclosures, JNI's stock dropped to 7-3/8, 94% below the Class Period high.
     Plaintiffs seek to recover damages on behalf of all purchasers of JNI
 common stock during the Class Period (the "Class"), including stock purchased
 pursuant to JNI's 10/19/00 Secondary Offering.  The plaintiffs are represented
 by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting
 investor class actions and extensive experience in actions involving financial
 fraud.
     Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices
 in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and
 Philadelphia, is active in major litigations pending in federal and state
 courts throughout the United States.  Milberg Weiss has taken a leading role
 in many important actions on behalf of defrauded investors, consumers, and
 companies, as well as victims of World War II and other human rights
 violations, and has been responsible for more than $30 billion in aggregate
 recoveries.  The Milberg Weiss website (http://www.milberg.com) has more
 information about the firm.
 
 SOURCE  Milberg Weiss Bershad Hynes & Lerach LLP