Robertson Stephens, Inc. : Redback Networks, Inc. Conclusion: According to the docket, on June 1, 2006, the Court entered the Order signed by U.S. District Judge Gerard E. Lynch closing the case. According to the Order, in light of the settlement in DeMarco v. Robertson Stephens, Inc. and Paul Johnson, 03-cv-590, approved by this Court on 2/23/2006, the Clerk of the Court is respectfully directed to close out the six related cases.
In July 2003, the Court ordered that this case be transferred to the U.S. District Court for the Southern District of New York and is considered a related to case to 03-CV-590, a similar case against Robertson Stephens regarding Corvis Corporation.
The Complaint charges that Robertson Stephens and its analyst Paul Johnson issued materially false and misleading public statements, research reports and "Buy" recommendations on Redback and praised the acquisition of Siara Systems, Inc. ("Siara") by Redback while failing to disclose that Johnson owned Siara stock and that the acquisition would result in a multimillion windfall for Johnson. The Complaint alleges that, based on defendants' recommendations and failure to disclose defendant Johnson's conflicts of interest, Redback securities sold at artificially inflated prices during the Class Period. As a result, Plaintiff and the rest of the Class purchased their Redback shares at prices that were artificially inflated and were damagedthereby.
SIC Code: 7389
Industry: Communications Equipment
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