Case Page

 

Case Status:    DISMISSED    
On or around 07/06/2005 (Other)

Filing Date: February 26, 2003

According to the Company’s FORM 10-Q for the quarterly period ended April 29, 2005, on June 6, 2005, the Eighth Circuit Court of Appeals upheld a decision of the United States District Court for the District of Minnesota to dismiss the class action suit.

As disclosed by the Company’s FORM 10-Q for the quarterly period ended July 31, 2004, on March 5, 2003, the Company was served with a shareowner lawsuit brought by Wanda Kinermon that was filed in the United States District Court for the District of Minnesota. The complaint named ADC, its former Chairman and Chief Executive Officer and its Chief Executive Officer and former Chief Financial Officer as defendants. After this lawsuit was served, the Company was named as a defendant in 11 other substantially similar lawsuits. These shareowner lawsuits were consolidated into a single lawsuit, that is captioned In Re ADC Telecommunications, Inc. Securities Litigation. This lawsuit purports to bring suit on behalf of a class of purchasers of the Company’s publicly traded securities from August 17, 2000 to March 28, 2001. The complaint alleged that the Company violated the securities laws by making false and misleading statements about the Company’s financial performance and business prospects during this period. On November 24, 2003, the Company filed a motion to dismiss this lawsuit, and, on May 17, 2004, the court granted the Company’s motion and dismissed the case with prejudice. The plaintiffs have appealed this decision to the Eighth Circuit Court of Appeals and that appeal is pending.

The first complaint filed charges ADC and certain of its officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning ADC's financial prospects caused ADC's stock price to become artificially inflated, inflicting damages on investors. ADC is a supplier of broadband-network equipment, software and services that enable communications service providers to deliver high-speed Internet, data, and voice services across the so-called "last mile" connecting providers' offices to end-users homes and businesses. The Complaint alleges that during the Class Period Defendants repeatedly represented that ADC would continue to achieve significant growth and would not be affected by widely known reductions in capital spending on the telecommunications infrastructure by communications service providers. Plaintiff claims that ADC's true financial performance and business prospects were revealed on March 28, 2001, when defendants acknowledged that the Company would lower its fiscal 2001 earnings guidance which defendants had issued only four weeks earlier, cut as many as 4,000 jobs and close facilities in the face of canceled orders and declining revenues caused by the reductions in spending on equipment by telecommunications service providers.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ADCT
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: D. Minnesota
DOCKET #: 03-CV-1194
JUDGE: Hon. Joan N Ericksen
DATE FILED: 02/26/2003
CLASS PERIOD START: 11/02/2000
CLASS PERIOD END: 03/28/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  2. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  3. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  4. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  5. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  6. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  7. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 03-CV-1194
JUDGE: Hon. Joan N Ericksen
DATE FILED: 09/23/2003
CLASS PERIOD START: 08/17/2000
CLASS PERIOD END: 03/28/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  3. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  4. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  5. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
No Document Title Filing Date