INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP HAS FILED A SHAREHOLDER CLASS ACTION AGAINST CONEXANT SYSTEMS, INC. - CNXT
New York, NY (PrimeZone) December 17, 2004 - Murray, Frank & Sailer LLP has filed a class action lawsuit on behalf of shareholders who purchased or otherwise acquired the securities of Conexant Systems, Inc. (“Conexant” or the “Company”) (NASDAQ: CNXT) between November 3, 2003 and November 4, 2004, inclusive (the “Class Period”).
Join the Case
Read the Complaint
The Murray Frank complaint alleges that on March 1, 2004, Conexant acquired Globespan. Conexant claimed, “We have made outstanding progress toward integrating the organizations, systems, technologies and processes of Conexant and GlobespanVirata over the past two months and are in a strong position as we begin combined operations today.” However, the merger had not been successful, as was later admitted, and the Company faced severe problems combining the two companies’ parallel DSL and wireless technology offerings. Sales and administration operations also experienced integrations problems.
Conexant claimed that the growth in its wireless LAN (“WLAN”) business was slowing. Integration problems also beset the Company’s WLAN business, formerly the top producer for WLAN. Defendants also neglected research and development of new products, resulting in huge market share losses.
On November 4, 2004, Conexant announced that its “fourth fiscal quarter 2004 revenues of $213.1 million decreased 20 percent from the third fiscal quarter revenues of $267.6 million.” As a result of this disclosure, Conexant’s stock price fell 10% on November 5, 2004.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Conexant securities on any world exchange between November 3, 2003 and November 4, 2004, and sustained damages, you may, no later than February 15, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United Statesmay also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]