Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Allot Communications Ltd.
01 Maggio 2007 - 9:49PM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP (�Lerach
Coughlin�) (http://www.lerachlaw.com/cases/allot/) today announced
that a class action lawsuit has been commenced in the United States
District Court for the Southern District of New York on behalf of
investors of Allot Communications Ltd. (�Allot� or the �Company�)
(NASDAQ:ALLT) who purchased the common stock of Allot pursuant
and/or traceable to the Company�s Registration Statement and
Prospectus for its initial public offering on November 15, 2006,
(the �IPO�), seeking to pursue remedies under the Securities Act of
1933 (the �Securities Act�). If you wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff�s counsel, Samuel H. Rudman or Mario Alba, Jr. of Lerach
Coughlin at 800/449-4900 or 619/231-1058 or via e-mail at
wsl@lerachlaw.com. If you are a member of this class, you can view
a copy of the complaint as filed or join this class action online
at http://www.lerachlaw.com/cases/allot/. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. The complaint charges Allot and
certain of its officers, directors and underwriters with violations
of the Securities Act of 1933. Allot is a designer, developer,
marketer, and seller of broadband service optimization solutions.
The Company�s solutions provide broadband service providers and
enterprises with real-time visibility into, and control of, network
traffic. The Complaint alleges that the Registration Statement and
Prospectus issued in connection with the IPO were negligently
prepared and, as a result, contained untrue statements of material
facts; omitted to state other facts necessary to make the
statements made therein not misleading; and were not prepared in
accordance with the rules and regulations governing their
preparation. Specifically, the Complaint alleges, among other
things, that the Registration Statement and Prospectus included
representations that the Company would achieve its goal in becoming
the leader in its industry through its ability to market and sell
its products to end-customers through its channel partners. In
fact, according to the Complaint, the Registration Statement and
Prospectus failed to disclose that Allot was experiencing declining
sales in its indirect distribution channels, such as enterprise,
education and smaller ISP customers, in North America. On April 2,
2007, Allot issued a press release announcing that revenues and
earnings for the first quarter of 2007 and the 2007 fiscal year
would be lower than its previous guidance � given less than two
months ago. The Company attributed the lower guidance to �weakness
in sales from some of the Company�s distributors, principally in
the Americas, which are focused on sales to enterprise, education,
and smaller ISPs.� In response to the announcement about the
Company�s revised guidance, on April 2, 2007, the price of Allot
stock declined precipitously falling from $9.15 per share to $7.11
per share � approximately 40% below the IPO price � on heavy
trading volume. Plaintiff seeks to recover damages on behalf of all
those who purchased the common stock of Allot pursuant and/or
traceable to the Company�s Registration Statement and Prospectus
for its IPO on November 15, 2006. The plaintiff is represented by
Lerach Coughlin, which has expertise in prosecuting investor class
actions. Lerach Coughlin, a 180-lawyer firm with offices in San
Diego, San Francisco, Los Angeles, New York, Boca Raton,
Washington, D.C., Houston, Philadelphia and Seattle, is active in
major litigations pending in federal and state courts throughout
the United States and has taken a leading role in many important
actions on behalf of defrauded investors, consumers, and companies,
as well as victims of human rights violations. Lerach Coughlin
lawyers have been responsible for more than $20 billion in
aggregate recoveries. The Lerach Coughlin Web site
(http://www.lerachlaw.com) has more information about the firm.
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