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BART LLOYD and JOHN J. HEFFERNAN, JR. v ADAPTIVE BROADBAND CORPORATION Click to find out why . . .



Keywords & Phrases
CaseNo: MWVAB172436, Plaintiff: BART LLOYD and JOHN J. HEFFERNAN, JR., State: CA California, UniqueCaseRef: LCD>MWVAB172436, Accounting, Act, Lerach, Suite, San, Adaptive Broadband Corporation, Securities, Terrestrial Wireless, Internet, Transaction, Restatement, Transport, Worldwide Internet Backbones, Satellite-based Data, Communication, Terrestrial Wireless Telemetry, Wireless Telemetry Networks, Accounting Misstatements, Cost, Revenue, Gross Margin, Net Loss, Doubtful Accounts, Determination, Review, Future Periods Conform, Applicable Accounting Standards, Class Period High, Misleading Statements, District , ContentID: 120243560

Case Documents
1   COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 108594
3 pages
PDF
Total Documents: 1 document , 3 pages
Price: $ 19.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
ACT
LERACH
SUITE
SAN
ADAPTIVE BROADBAND CORPORATION
SECURITIES
TERRESTRIAL WIRELESS
INTERNET
TRANSACTION
RESTATEMENT
TRANSPORT
WORLDWIDE INTERNET BACKBONES
SATELLITE-BASED DATA
COMMUNICATION
TERRESTRIAL WIRELESS TELEMETRY
WIRELESS TELEMETRY NETWORKS
ACCOUNTING MISSTATEMENTS
COST
REVENUE
GROSS MARGIN
NET LOSS
DOUBTFUL ACCOUNTS
DETERMINATION
REVIEW
FUTURE PERIODS CONFORM
APPLICABLE ACCOUNTING STANDARDS
CLASS PERIOD HIGH
MISLEADING STATEMENTS
DISTRICT
 1 MILBERG WEISS BERSHAD
        HYNES & LERACH LLP
 2 WILLIAM S. LERACH (68581)
      DARREN J. ROBBINS (168593)
 3 600 West Broadway, Suite 1800
      San Diego, CA  92101
 4 Telephone:  619/231-1058
      619/231-7423 (fax)
 5            -and-
      REED R. KATHREIN (139304)
 6 100 Pine Street, Suite 2600
      San Francisco, CA  94111
 7 Telephone:  415/288-4545
      415/288-4534 (fax)
 8 Attorneys for Plaintiffs
 9 [Additional counsel appear on signature page.]
10

11                                 UNITED STATES DISTRICT COURT

12                                NORTHERN DISTRICT OF CALIFORNIA

13 BART LLOYD and JOHN J. HEFFERNAN, JR., ) No.
14 On Behalf of Themselves and All Others Similarly )
      Situated,                                      ) CLASS ACTION
15                                                   )
                                    Plaintiffs,      ) COMPLAINT FOR VIOLATION OF THE
16                                                   ) FEDERAL SECURITIES LAWS
              vs.                                    )
17                                                   )
      ADAPTIVE BROADBAND CORPORATION, )
18 FREDERICK D. LAWRENCE and DONNA S. )
      BIRKS,                                         )
19                                                   )
                                    Defendants.      )
20                                                   ) DEMAND FOR JURY TRIAL

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SNIPPETS:
  • MILBERG WEISS BERSHAD HYNES & LERACH LLP
  • 600 West Broadway, Suite 1800
  • San Francisco, CA 94111
  • ADAPTIVE BROADBAND CORPORATION,)
  • violations of the Securities Exchange Act of 1934.
  • and satellite-based systems to support ultra-high speed Internet access, broadcast digital TV
  • worldwide Internet backbones.
  • The Company also provides solutions for satellite-based data
  • communication and terrestrial wireless telemetry networks.
  • 10 statements because of accounting misstatements is a press release which stated in part:
  • and cost of revenue for the quarter ended June 30,
  • to a sales transaction recorded during the quarter that the company now believes should
  • The company does not expect the restatement to affect its gross margin or net loss
  • company significantly increased its allowance for doubtful accounts to reflect the condition
  • a position to make this determination by March 30,
  • Based on this review, the
  • for all past and future periods conform in all respects to applicable accounting standards.
  • 21 95% from its Class Period high of $33.125.
  • 26 misleading statements were made in or issued from this District.
  •    |