Riverstone Networks, Inc. provides network routers and switching hardware. 

The original Complaint charges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action alleges that Defendants issued a series of false and misleading statements concerning the Company's financial condition and sales. Specifically, Defendants misled the investing community concerning the true effect that the downturn in telecom spending had upon the Company.

In a press release dated May 3, 2004, the Company announced an agreement in principle to settle all securities class action lawsuits pending against it, subject to court approval, and expects to pay the agreed upon $18.5 million settlement into an escrow fund in June 2004. The Company is continuing to negotiate with the insurance carriers on their reimbursement of this settlement.

According to the latest docket posted, on April 28, 2005, the Court entered the final Judgment and Order of Dismissal signed by U.S. District Judge Phyllis J. Hamilton approving the settlement. On October 19, 2005, the Court issued an Order regarding motions for attorneys’ fees, and on November 18, 2005, a Notice of Appeal as to the Order was filed.

On December 26, 2007, the Court entered the Mandate from the U.S. Court of Appeals for the Ninth Circuit. According to the Mandate, the judgment of the District Court is affirmed.