Lucent Faces Shareholder Suit

NEWARK, N.J. -- Shareholders sued Lucent Technologies, Inc. (NYSE: LU) today and accused the company of misleading the investing public by overstating revenues, Berman DeValerio & Pease LLP (www.bermanesq.com) said. The lawsuit was filed in United States District Court for the District of New Jersey. It seeks damages for violations of federal securities laws on behalf of anyone who bought Lucent stock between July 20, 2000 and December 20, 2000 (the "Class Period").

The complaint charges Lucent and two of its top officers with inflating the company's stock price during the Class Period by issuing financial statements that misrepresented the company's revenues and earnings. During that time, Lucent improperly recognized an estimated $679 million in revenue and announced that it would restate its fiscal fourth quarter financial statements. The company said it improperly recognized revenue for a variety of reasons, including prematurely booked sales and misleading documentation.

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