COLCHESTER, Conn., Oct. 19, 2007 LAWFUEL – The Litigation Newswire — Today, Scott+Scott, LLP filed a class action against BigBand Networks, Inc. (“BigBand Networks” or the “Company”) (Nasdaq:BBND) and certain
officers and directors in the U.S. District Court for the Northern
District of California. The action is on behalf of BigBand Networks
common stock purchasers on its Initial Public Offering on March 14,
2007, and on the open market from March 14, 2007 through September 27,
2007, inclusive (the “Class Period”), for violations of the Securities
Exchange Act of 1934. The complaint alleges that defendants made false
and misleading statements and material omissions regarding the
Company’s business and operations and that, as a result, the price of
the Company’s securities was inflated during the Class Period, thereby
harming investors.
If you purchased BigBand Networks stock during the Class Period and
wish to serve as a lead plaintiff in the action, you must move the
Court no later than December 3, 2007. Any member of the investor class
may move the Court to serve as lead plaintiff through counsel of its
choice, or may choose to do nothing and remain an absent class member.
If you wish to discuss this action or have questions concerning this
notice or your rights, please contact Scott+Scott
(scottlaw@scott-scott.com, 800/404-7770, 860/537-5537) or visit the
Scott+Scott website, http://www.scott-scott.com, for more information.
There is no cost or fee to you.
It is alleged that Defendants made false and misleading statements
during the Class Period regarding the Company’s readiness to supply the
market with fully developed and robust technologies and products.
Defendants’ false and misleading statements served to conceal the fact
that the Company faced serious difficulties with the deployment of its
switched digital video (“SDV”) technology, as well as the viability of
its cable modem termination (“CMTS”) business.
On September 28, 2007, the Company announced shocking news of the true
dimensions of its product development woes, which were frustrated by
the very customer technologies and hardware that the BigBand products
were purportedly designed to work with. The Company’s disastrous
financial performance knocked as much as $23 million off the revenue
guidance for the third quarter. On this news, shares of BigBand
Networks stock fell nearly $2.67 or 29 percent on volume of 6.8 million
shares to close on September 28, 2007 at $6.40 per share.
The plaintiff is represented by Scott+Scott, a firm with significant
experience in prosecuting investor class actions. Please visit our
website at www.scott-scott.com for current information on the
litigation of major securities, antitrust, employment and employee
retirement plan actions throughout the United States. The firm
represents pension funds, charities, foundations, individuals and other
entities worldwide.
More information on this and other class actions can be found on the
Class Action Newsline at www.primenewswire.com/ca
