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Case Status:    SETTLED
On or around 09/06/2000 (Date of order of final judgment)

Filing Date: December 02, 1997

By the Amended Final Order and Judgment dated September 6, 2000, the court approved the settlement and dismissed the case.

According to the Notice Of Pendency And Proposed Settlement dated June 19, 2000, a settlement fund in the amount of $5,450,000 (the “Settlement Fund”) has been established. The Settlement Fund, less Court-approved costs for notice and administration, is being held in escrow and is currently earning interest. Plaintiffs estimate that there were approximately 128,000,000 shares of Ascend Communications, Inc. (“Ascend”) securities purchased and/or acquired during the period of November 5, 1996, through September 30, 1997, inclusive (the “Settlement Class Period”), which were allegedly damaged as a result of the purported acts or omissions described below. Plaintiffs estimate that the average recovery per damaged share of Ascend securities under the settlement will be $.0425 per share before the deduction of attorneys’ fees, costs and expenses, as approved by the Court. Depending on the number of claims filed, when the shares were purchased during the Settlement Class Period, and whether those shares were held at the end of the Settlement Class Period, if sold, when they were sold, and the amounts awarded by the Court for attorneys’ fees, costs and expenses, an individual Settlement Class Member may receive more or less than this average amount.

Prior to the Proposed Settlement, defendants filed a motion to dismiss a consolidated second amended complaint pursuant to the Private Securities Litigation Reform Act of 1995, Fed. R. Civ. P. 12(b)(6), and Fed. R. Civ. P. 9(b). Plaintiffs filed a motion to strike. The court granted without prejudice defendants' motion to dismiss a second amended complaint under the Private Securities Litigation Reform Act of 1995, and the court denied all of plaintiffs' motions. The court did not consider evidence outside the pleadings in reaching its decision with respect to defendants' motion.

The original Complaint charges defendants with violating federal securities and state laws, including Section 10(b) of the Securities Exchange Act of 1934 and Section 11 of the Securities Act of 1933, by engaging in an illegal scheme and deceptive course of conduct designed to inflate Ascend's stock price through positive statements concerning Ascend's business, earnings and its growth prospects, despite the fact that, at the time the statements were made, defendants knew, or recklessly disregarded, but failed to disclose to investors, that sales of Ascend's advanced modem products would all but cease because of, among other things, serious software and firmware problems. The defendants' scheme allowed Ascend's officers and directors to sell their Ascend shares at enormous gains, exceeding $40 million in proceeds.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ASND
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 97-CV-08861
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 12/02/1997
CLASS PERIOD START: 11/05/1996
CLASS PERIOD END: 09/30/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  2. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  3. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 97-CV-08861
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 09/04/1998
CLASS PERIOD START: 11/05/1996
CLASS PERIOD END: 09/30/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  2. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  3. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
  4. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date