 | ||
|
| Home Annual/Quarterly Updates About Us
|
BigBand Networks, Inc. Summary: On February 14, 2008, the Court entered the Orders granting the motion to consolidate the cases and granting the motion to appoint Lead Plaintiff and Lead Counsel. On May 30, 2008, a Consolidated Class Action Complaint was filed by the plaintiff, adding violations of §12(a)(2) of the Securities Act to the list of counts.
The original class action lawsuit was filed against BigBand Networks, Inc. in the United States District Court for the Northern District of California, on behalf of shareholders who purchased the common stock of BigBand in connection with the Company's Initial Public Offering ("IPO") on or about March 15, 2007, or who purchased shares thereafter in the open market.
BigBand, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
The Complaint charges 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.
The Complaint further alleges that defendants failed to reveal the Company's results were already underperforming expectations at the time of the IPO, and that they had boosted the financial results of the quarter immediately prior to the offering by loading customers with unnecessary inventory -- such that sales in future quarters would foreseeably be adversely impacted as customers "worked off" excess inventory prior to purchasing more of BigBand's products. Additionally, the Complaint asserts that defendants failed to disclose that the roll out of its new products was not proceeding according to its growth plan, and that this transition too was adversely impacting revenues in the near-term.
On September 28, 2007, BigBand shares fell over 30% in a single trading day -- falling from over $9.00 per share to below $6.00 per share, before closing at $6.49 on exceptionally heavy trading volume of almost 7 million shares. This precipitous decline occurred after the truth was revealed to investors the previous evening that the problems existing at the time of the IPO, and detailed in the Complaint, would result in extremely disappointing results for the third quarter of 2007, including substantially reduced revenues.
INDUSTRY CLASSIFICATION:
SIC Code: 3663
Sector: Technology
Industry: Communications Equipment
| COMPANY/ISSUER NAME: | BigBand Networks, Inc. |
| COMPANY/ISSUER TICKER: | BBND |
| COMPANY WEBSITE: | www.bigbandnet.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Bikash Mohan Mohanty, et al. v. BigBand Networks, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violations Of Securities Laws | |||
| Type: Complaint | Date on the document: 10/3/2007 | ||
| Order Setting Initial Case Management Conference And ADR Deadlines | |||
| Type: Order | Date on the document: 10/3/2007 | ||
| Order | |||
| Type: Order | Date on the document: 02/13/2008 | ||
| Stipulation And Order Regarding Consolidation And Scheduling | |||
| Type: Order | Date on the document: 2/13/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In re BigBand Networks, Inc. Securities Litigation | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Class Action Complaint For Violation Of Securities Laws | |||
| Type: Complaint | Date on the document: 5/30/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 7/7/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Ellen Brodsky, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 10/05/2007 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Abrena Winston, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 10/18/2007 | ||
| Class Action Complaint for Violations of the Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Donald Smith, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 10/19/2007 | ||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Wayne Luzon, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 11/06/2007 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Wayne Luzon, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Docket | Date on the document: 11/06/2007 | ||
| Class Action Complaint for Violation of Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Debra L. Bernstein, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 11/14/2007 | ||
| U.S. Civil Court Docket | |||
| Case Name and/or Number: Debra L. Bernstein, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Docket | Date on the document: 11/15/2007 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Eugene L. Hammer, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 11/16/2007 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Eugene L. Hammer, et al. v. BigBand Networks, Inc., et al. | |||
| Type: Docket | Date on the document: 11/16/2007 | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top