BigBand Networks In Securities Class Action Lawsuit
A class action lawsuit has been filed in the United States District Court for the Northern District of California, on behalf of shareholders who purchased the common stock of BigBand Networks, Inc. in connection with the Company’s Initial Public Offering on or about March 15, 2007, or who purchased shares thereafter in the open market.
The Complaint alleges that BigBand raised over $159 million through the sale of 10.7 million shares, despite the Registration Statement’s false and misleading statements issued in connection with the IPO. Specifically, the Complaint charges defendants with failing to adequately conduct a due diligence investigation into the Company prior to the IPO, and that they failed to reveal BigBand was not performing according to plan, lacked significant controls and procedures, and lacked any reasonable basis to forecast near-term foreseeable financial and operational results.
If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than December 3, 2007. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Filed under Class Action, General Law
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