Sonus Networks, Inc. (SONS)

[thepennyking]

SONS is now SONSE.

To:ChrisJP who wrote (10284)
From: Tom Swift Wednesday, Mar 31, 2004 7:33 PM
View Replies (1) / Respond to of 11181

SONS is now SONSE.
I listened to the conference call. I still think they will get delisted, they are going to have to do a forensic audit if they widen the scope of the current investigation and there just isn't time to finish before the deadline.

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19973419

Zwerling, Schachter & Zwerling, LLP Announces Class Action on Behalf of Purchasers of Sonus Networks, Inc. Common Stock Alleging Violations Of Federal Securities Laws
Wednesday March 31, 1:53 pm ET


NEW YORK, March 31 /PRNewswire/ -- Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") announced today that a class action lawsuit was filed in the United States District Court for the District of Massachusetts, on behalf of all persons and entities who purchased the common stock of Sonus Networks, Inc. ("Sonus" or the "Company") (Nasdaq: SONSE - News) between June 3, 2003 and February 11, 2004, inclusive (the "Class Period").
ADVERTISEMENT


The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the investing community during the Class Period thereby artificially inflating the price of Sonus common stock. As alleged in the complaint, throughout the Class Period, defendants issued numerous statements to the market concerning the Company's financial results, which failed to disclosed and/or misrepresented the following adverse facts, among others: (a) that defendants had improperly and untimely recognized revenue on certain of the Company's customer transactions; (b) that defendants violated Generally Accepted Accounting Principles and the Company's own internal policies regarding the timing of revenue recognition; and (c) as a result of the foregoing, the Company's revenues, net income and earnings per share published during the Class Period were materially false and misleading.

On February 11, 2004, after the close of regular trading, Sonus announced that the Company had identified certain issues, practices and actions of its employees relating to both the timing of revenue recognized and other financial statement items, which may affect the Company's 2003 financial statements and possibly financial statements for prior periods. Prior to disclosing these adverse facts, Sonus completed a $126.14 million public offering, and Sonus insiders sold approximately $2 million of their personally held shares to the public. On February 12, 2004, when the market opened for trading, shares of Sonus stock fell as low as $5.02 per share, a decline of $1.67 per share, or approximately 25%

If you purchased Sonus common stock between June 3, 2003 and February 11, 2004 or on Sonus' public offering completed September 23, 2003 (the "Class"), you may apply to serve as lead plaintiff on behalf of the Class. The lead plaintiff is responsible for overseeing the prosecution of the action and ensuring that the interests of the Class are protected. You have until April 12, 2004 to apply for lead plaintiff status in the action.

You may apply to be appointed lead plaintiff through Zwerling Schachter by contacting the individuals set forth below. Zwerling Schachter concentrates in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York City, Westbury, New York, and Seattle, Washington. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation.

If you have any questions regarding your rights and interests pertaining to the prosecution of this securities litigation matter or would like to consider serving as lead plaintiff, you may contact Shaye J. Fuchs, Esq. and Jayne Nykolyn at 1-800-721-3900 or by e-mail at [e-mail] and [e-mail].