BigBand Networks, Inc. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

BigBand Networks, Inc. Summary: 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.

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. On August 8, 2008, the defendants filed motions to dismiss the Consolidated Class Action Complaint. On February 23, 2009, District Court Judge Saundra Brown Armstrong denied the two pending motions to dismiss, without prejudice to refilling.

On April 6, 2009, a motion for preliminary approval of the settlement was filed. The proposed settlement is in the amount of $11 million in cash. On June 1, 2009, Judge Saundra Brown Armstrong granted the motion for preliminary approval of the settlement. A Settlement Fairness Hearing was set for September 15, 2009. On September 22, 2009, Judge Saundra Brown Armstrong signed the order approving the settlement and approving the attorneys' fees and expenses.

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.

COURT: N.D. California	DOCKET NUMBER: 07-CV-05101
JUDGE NAME: Hon. Saundra Brown Armstrong
DATE FILED: 10/03/2007	SOURCE: Notice of Filing
CLASS PERIOD START: 03/15/2007	CLASS PERIOD END: 10/03/2007
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Finkelstein, Thompson & Loughran 1050 30th Street, NW, Washington, DC, 20007 (voice) 202.337.8000, (fax) 202.337.8090, contact@ftllaw.com Kahn Gauthier Swick, LLC (NY) 12 East 41st Street, 12th Floor, New York, NY, 10016 (voice) 212.920.4310, (fax) 212.696.3730, info@kglg.com Kaplan Fox & Kilsheimer, LLP (San Francisco, CA) 100 Pine Street, 26th Floor, San Francisco, CA, 94111 (voice) 415.772.4700, (fax) 415.677.1233, info@kaplanfox.com Lockridge, Grindal, Nauen P.L.L.P. Suite 301, 660 Pennsylvania Avenue Southeast, Washington, DC, 20003-4335 (voice) 202.544.9840, (fax) 202.544.9850, Saxena White PA (Boca Raton) 2424 North Federal Highway, Suite 307, Boca Raton, FL, 33431 (voice) 800.361.5096, (fax) 888.782.3081, info@saxenawhite.com Schiffrin Barroway Topaz & Kessler, LLP (Radnor) 280 King of Prussia Road, Radnor, PA, 19087 (voice) 610.667.7706, (fax) 610.667.7056, info@sbtklaw.com Scott & Scott LLC (Connecticut) P.O. Box 192, 108 Norwich Avenue, Colchester, CT, 06415 (voice) 860.537.5537, (fax) 860.537.4432, scottlaw@scott-scott.com Wolf Popper, LLP 845 Third Avenue, New York, NY, 10022-6689 (voice) 877.370.7703, (fax) 212.486.2093, IRRep@wolfpopper.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 9

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Violations Of Securities Laws
Type: Complaint		Date on the document: 10/03/2007
Order Setting Initial Case Management Conference And ADR Deadlines
Type: Order		Date on the document: 10/03/2007
Order
Type: Order Appointing LP/LC		Date on the document: 02/13/2008
Stipulation And Order Regarding Consolidation And Scheduling
Type: Order		Date on the document: 02/13/2008
Notice Of Motion And Lead Plaintiff’s Unopposed Motion For Preliminary Approval Of Settlement And Memorandum Of Points And Authorities In Support
Type: Motion		Date on the document: 04/06/2009

REFERENCE COMPLAINT

In re BigBand Networks, Inc. Securities Litigation

COURT: N.D. California	DOCKET NUMBER: 07-CV-05101
JUDGE NAME: Hon. Saundra Brown Armstrong
DATE FILED: 05/30/2008	SOURCE: Docket
CLASS PERIOD START: 03/15/2007	CLASS PERIOD END: 03/15/2007
TYPE OF COMPLAINT: Consolidated Complaint
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Hagens Berman Sobol Shapiro LLP (Los Angeles) 700 South Flower Street - Suite 2940, Los Angeles, CA, 90017 (voice) 213.330.7150, (fax) 213.330.7152, info@hagens-berman.com Kahn Gauthier Swick, LLC (NY) 12 East 41st Street, 12th Floor, New York, NY, 10016 (voice) 212.920.4310, (fax) 212.696.3730, info@kglg.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Class Action Complaint For Violation Of Securities Laws
Type: Complaint		Date on the document: 05/30/2008
Order
Type: Order		Date on the document: 02/23/2009
Order
Type: Order		Date on the document: 02/23/2009
Order Preliminarily Approving Settlement And Providing For Notice; Exhibit A
Type: Order		Date on the document: 06/01/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 06/01/2009
Final Judgment, Order Of Dismissal With Prejudice, And Order Approving Award Of Attorneys' Fees And Expenses And Plan Of Allocation
Type: Order Approving AF&E		Date on the document: 09/22/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 06/04/2010

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

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