Broadcom Faces Lawsuits
http://www.barrack.com LOS ANGELES -- The Law Offices of Lionel Z. Glancy commenced a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons who purchased securities of Broadcom Corporation (Nasdaq:BRCM - news) between July 31, 2000 and Feb. 27, 2001, inclusive. The Complaint charges Broadcom and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Broadcom's revenues and earnings caused Broadcom's stock price to become artificially inflated, inflicting enormous damages on investors.
http://www.glancylaw.com LOS ANGELES -- A class action lawsuit has been filed against Broadcom Corp. (Nasdaq: BRCM - news) and certain officers in United States District Court for the Central District of California on behalf of shareholders of Broadcom who acquired their shares between July 31, 2000 and March 6, 2001. According to the complaint, the Company's reported revenue growth of 129% and 132% for the third and fourth quarter of fiscal 2000, respectively, over the prior year, as well as sequential quarterly revenue growth of 30% and 18%, were materially false and misleading because defendants overstated the Company's true revenues, growth rates and other financial performance by failing to properly disclose and account for the fact that the Company had purchased part of its revenues by giving customers millions of dollars worth of warrants for Broadcom stock in return for their orders.