PC Files Suit against collective Adaptive Broadband Corporation
The law firm Spector, Roseman & Kodroff, PC announced that a class action was the United States District Court for the Northern District of California to the defendant Adaptive Broadband Corporation (Nasdaq: ADAP) ( “adaptive” or the “Company”) on behalf of the buyers acquired Adaptive securities during the period from 11 August 2000 to March 15, 2001 (the “Class Period”).The complaint charges Adaptive and certain of its officers and directors in with violations of the Securities Exchange Act of 1934. Adaptive provides wireless terrestrial and satellite-based systems to support the Ultra-High-speed Internet access, digital TV, broadcasting and transport global Internet backbones. The company also offers solutions for data transmission via satellite and terrestrial wireless networks telemetry.
On 15 March 2001, Adaptive announced that it reaffirms its financial Q4 2000 because of accounting errors in a press release in part: “Adaptive Broadband Corporation announced today that it expects its new revenue to revenue and expense for the quarter ended June 30, 2000. The Company believes that its current revenue and cost of revenue for the quarter was $ 4.0 million in connection with a sales area of transaction during the quarter, the company now believes it is not recognized. After this restatement, revenues for the quarter were $ 13.1 million. The Company does not expect that the reprocessing of influence on gross margin or net loss from continuing operations. As already announced, on December 31, 2000, the company increased its allowance for doubtful debts to reflect the condition of some customers over several outlets, including those requires adaptation. The company also said that its new management team is working with the company’s Board of Directors, accountants and external consultants to determine if other comparable transactions, there are the same, or d ‘ Other billing periods and, if so, what measures, if ever, it should perhaps be taken with respect to them. The company hopes that, to the extent of this provision to March 30, 2001. Based on this review, it is the company that may be necessary, so that the practices of financial reporting for all past and future
Time, in all respects with the accounting standards in force. “Of these messages, Adaptive share prices fell as low as $ 1.47 per share, representing over 95% of his class period maximum of $ 33125th
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