Wolf Haldenstein Commences Securities Fraud Class Action Against Adaptive Broadband Corporation

Apr 11, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman & Herz LLP

    NEW YORK, April 11 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP has commenced a securities fraud class action lawsuit in the United States
 District Court for the Northern District of California on behalf of all
 purchasers of Adaptive Broadband Corporation ("Adaptive" or the "Company")
 (Nasdaq: ADAP) securities during the period between August 11, 2000 and
 March 15, 2001, inclusive (the "Class Period") against Adaptive, Frederick D.
 Lawrence (Chief Executive Officer and Chairman, until his resignation on
 January 11, 2001), and Donna S. Birks (Chief Financial Officer, until her
 resignation on January 11, 2001).  The case name and index number are Sheehy
 v. Adaptive Broadband (01-20297 PVT).  If you would like to view a copy of the
 complaint filed in this action, please visit the Wolf Haldenstein web site
 located at http://www.whafh.com.
     The complaint alleges that defendants violated Sections 10(b) and 20(a) of
 the Securities Exchange Act of 1934 (the "1934 Act") and Rule 10b-5
 promulgated thereunder, by issuing a series of material misrepresentations to
 the market during the Class Period, thereby artificially inflating the price
 of Adaptive securities.  Specifically, the complaint alleges that on March 15,
 2001, Adaptive announced that it would restate its Q4 2000 financial
 statements because of accounting misstatements in a press release which stated
 in part: "Adaptive Broadband Corporation announced today that it expects to
 restate its revenue and cost of revenue for the quarter ended June 30, 2000.
 The company currently expects that its revenue and cost of revenue for the
 quarter will be reduced by $4.0 million relating to a sales transaction
 recorded during the quarter that the company now believes should not have been
 recognized.  After this restatement, revenue for the quarter would be
 $13.1 million.  The company does not expect the restatement to affect its
 gross margin or net loss from continuing operations.  As previously announced,
 as of December 31, 2000, the company significantly increased its allowance for
 doubtful accounts to reflect the condition of certain customers involved in
 several sales transactions, including the one that requires the restatement.
 The company also said that its new management team is working with the
 company's Board of Directors, auditors and outside counsel to determine
 whether any other similar transactions exist in the same or other accounting
 periods, and if so, what actions, if any, may need to be taken with respect to
 them.  The company hopes to be in a position to make this determination by
 March 30, 2001.  Based on this review, the company will take whatever steps
 may be necessary so that its financial reporting practices for all past and
 future periods conform in all respects to applicable accounting standards."
 On this news, Adaptive's stock price dropped to as low as $1.47 per share, a
 decline of more than 95% from its Class Period high of $33.125.
     Plaintiff seeks to recover damages on behalf of all those who purchased or
 otherwise acquired Adaptive securities during the Class Period.  If you
 purchased or otherwise acquired Adaptive securities during the Class Period,
 and either lost money on the transaction or still hold the securities, you may
 wish to join in the action to serve as lead plaintiff.  If you purchased
 Adaptive securities during the Class Period, you may, no later than
 May 15, 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 plaintiffs."  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 Wolf Haldenstein, or other counsel of your choice, to serve as
 your counsel in this action.
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
 
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at 800-575-0735 (Michael Miske, George Peters,
 Gregory M. Nespole, Esq., or Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com.  All
 e-mail correspondence should make reference to Adaptive.
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 11 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP has commenced a securities fraud class action lawsuit in the United States
 District Court for the Northern District of California on behalf of all
 purchasers of Adaptive Broadband Corporation ("Adaptive" or the "Company")
 (Nasdaq: ADAP) securities during the period between August 11, 2000 and
 March 15, 2001, inclusive (the "Class Period") against Adaptive, Frederick D.
 Lawrence (Chief Executive Officer and Chairman, until his resignation on
 January 11, 2001), and Donna S. Birks (Chief Financial Officer, until her
 resignation on January 11, 2001).  The case name and index number are Sheehy
 v. Adaptive Broadband (01-20297 PVT).  If you would like to view a copy of the
 complaint filed in this action, please visit the Wolf Haldenstein web site
 located at http://www.whafh.com.
     The complaint alleges that defendants violated Sections 10(b) and 20(a) of
 the Securities Exchange Act of 1934 (the "1934 Act") and Rule 10b-5
 promulgated thereunder, by issuing a series of material misrepresentations to
 the market during the Class Period, thereby artificially inflating the price
 of Adaptive securities.  Specifically, the complaint alleges that on March 15,
 2001, Adaptive announced that it would restate its Q4 2000 financial
 statements because of accounting misstatements in a press release which stated
 in part: "Adaptive Broadband Corporation announced today that it expects to
 restate its revenue and cost of revenue for the quarter ended June 30, 2000.
 The company currently expects that its revenue and cost of revenue for the
 quarter will be reduced by $4.0 million relating to a sales transaction
 recorded during the quarter that the company now believes should not have been
 recognized.  After this restatement, revenue for the quarter would be
 $13.1 million.  The company does not expect the restatement to affect its
 gross margin or net loss from continuing operations.  As previously announced,
 as of December 31, 2000, the company significantly increased its allowance for
 doubtful accounts to reflect the condition of certain customers involved in
 several sales transactions, including the one that requires the restatement.
 The company also said that its new management team is working with the
 company's Board of Directors, auditors and outside counsel to determine
 whether any other similar transactions exist in the same or other accounting
 periods, and if so, what actions, if any, may need to be taken with respect to
 them.  The company hopes to be in a position to make this determination by
 March 30, 2001.  Based on this review, the company will take whatever steps
 may be necessary so that its financial reporting practices for all past and
 future periods conform in all respects to applicable accounting standards."
 On this news, Adaptive's stock price dropped to as low as $1.47 per share, a
 decline of more than 95% from its Class Period high of $33.125.
     Plaintiff seeks to recover damages on behalf of all those who purchased or
 otherwise acquired Adaptive securities during the Class Period.  If you
 purchased or otherwise acquired Adaptive securities during the Class Period,
 and either lost money on the transaction or still hold the securities, you may
 wish to join in the action to serve as lead plaintiff.  If you purchased
 Adaptive securities during the Class Period, you may, no later than
 May 15, 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 plaintiffs."  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 Wolf Haldenstein, or other counsel of your choice, to serve as
 your counsel in this action.
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
 
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at 800-575-0735 (Michael Miske, George Peters,
 Gregory M. Nespole, Esq., or Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com.  All
 e-mail correspondence should make reference to Adaptive.
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP