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IN RE NORTHERN TELECOM LTD. SECURITIES LITIGATION

Nos. 93 Civ. 4384, 93 Civ. 4397, 93 Civ. 4432.

116 F.Supp.2d 446 (2000)

In re NORTHERN TELECOM LTD. SECURITIES LITIGATION Max Fecht, Boston International Partners, L.P., Guidance Components Corp., Stephen R. Raab, Leon Shapiro, and Irwin Sternberg, Plaintiffs, v. Northern Telecom Ltd., Jean C. Monty, Martin G. Mand, Edward E. Lucente, Roy Merrills, Alan G. Lutz, Desmond F. Hudson, and Frank A. Dunn, Defendants. Leon Shapiro, Plaintiff, v. Northern Telecom Ltd. and Jean C. Monty, Defendants. Erwin Sternberg, Plaintiff, v. Northern Telecom Ltd. and Jean C. Monty, Defendants.

United States District Court, S.D. New York.

September 28, 2000.

Attorney(s) appearing for the Case

Wolf Popper LLP, New York City by Stephen D. Oestreich, Lawrence D. Levit, Abbey Gardy & Squitieri, New York City by Joshua Rubin, Kirby McInerney & Squire, LLP, New York City by Jeffrey H. Squire, Daniel Hume, Berger & Montague, P.C., Philadelphia, PA by Jay Robert Stiefel, Schiffrin & Craig, Ltd., Bala Cynwyd, PA by Richard Schiffrin, Stull Stull & Brody, New York City by Howard T. Longman, Law Offices of James V. Bashian, New York City by James V. Bashian, Oren S. Giskan, Savett Frutkin Podell & Ryan, P.C., Philadelphia, PA by Robert Frutkin, for plaintiffs.

Shearman & Sterling, New York City by Stuart J. Baskin, Kathryn L. Tabner, Amanda J. Gallagher, Richard A. Lingg, Jennifer M. Dehmel, for defendants.

OPINION

CEDARBAUM, District Judge.

Plaintiffs in these consolidated class action suits assert claims against defendants under §§ 10(b) & 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) & 78t(a), and under Rule 10b-5. The essence of plaintiffs' complaint is that defendants, who were officers of Northern Telecom Ltd. ("Nortel") during the class period, made misleading statements over a period of time concerning...

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