A class action lawsuit has been filed in the Northern District of California against certain senior officers of Redback Networks, Inc. (NASDAQ:RBAKQ) on behalf of those who purchased Redback securities between April 12, 2000 to October 10, 2003, inclusive (the "Class Period").
The complaint alleges that during the Class Period, defendants issued a series of false and misleading statements concerning the Company's relationship with Qwest Communications International, Inc. Defendants allegedly concealed a scheme in which they gave shares of Redback stock to Qwest insiders in exchange for Qwest purchasing large quantities of Redback products, resulting in Redback's revenues, earnings and stock price to be artificially inflated, trading as high as $179.12 during the Class Period. On November 3, 2003, Redback filed for Chapter 11 bankruptcy protection. Its stock is now considered worthless.
The Company was not named in the suit because it is protected by the automatic stay provision of the United States Bankruptcy Code.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Weiss & Lurie. The firm, with offices in New York and Los Angeles, has extensive experience in complex litigation, particularly securities class actions, and has been appointed lead class counsel in numerous consolidated and multi-district cases.
If you purchased Redback stock between November 2, 1999 and November 13, 2001, inclusive, you may be a member of the class and you may move the court to serve as lead plaintiff for the Class no later than February 23, 2004. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Weiss & Lurie, or other counsel of your choice, to serve as your counsel in this action. Moreover, at this early stage of the litigation it is not necessary to communicate with any counsel or return a form to counsel regarding your participation in the case.

Update

On May 26, 2004, the Connecticut Retirement Plans and Trust Funds were appointed as lead plaintiff. On June 25, 2004, lead plaintiffs' choice of counsel, Grant & Eisenhofer, were appointed as lead counsel. On August 24, 2004, lead plaintiffs filed a consolidated complaint and defendants moved to dismiss that complaint. On January 21, 2005, the Court issued an order granting defendants' motion to dismiss and granting plaintiffs leave to amend their complaint as to defendants PriceWaterhouse Cooper and certain officers and directors of Redback. On May 27, 2005, Plaintiffs filed an amended complaint which defendants have moved to dismiss.