A class action lawsuit was filed on behalf of purchasers of FVC.COM, Inc. (NASDAQ:FVCX) securities between January 21, 1999 and April 6, 1999 for violations of federal securities laws. Defendants include FVC and certain of its officers and directors.
The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) by, among other things: issuing false misleading statements regarding FVC's financial condition as well as its present and future business prospects and engaging in trading FVC securities while in possession of material inside information.