NEW YORK-Wolf Haldenstein Adler Freeman & Herz LLP has filed a lawsuit against Tellabs Inc. as well as some of its officers and directors on behalf of purchasers of Tellabs stocks between December 11, 2000 and June 19, 2001.
The complaint alleges Tellabs and some of its executives issued false and misleading statements surrounding its business and financial period. Specifically, the company is charged with lying about declining demand for its Titan 5500 and optical networking products, as well as the company’s acquired SALIX line of switching products, which were eliminated 14 months after Tellabs acquired SALIX. According to the complaint, Michael Birck and other Tellabs insiders sold their own Tellabs common stock before disclosure of those facts.
