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AFC Settles Suits

Settles two individual non-class action suits related to the prior consolidated securities class actions against AFC

January 7, 2003

1 Min Read

PETALUMA, Calif. -- Advanced Fibre Communications(R), Inc. (AFC(R)) (Nasdaq: AFCI), an industry-leading designer and manufacturer of next-generation edge access equipment and multiservice broadband solutions for the telecommunications industry, today announced that on December 31, 2002 it settled two individual, non-class actions which were related to the consolidated securities class actions against AFC and certain former officers and directors. As previously reported on June 21, 2002, the class action securities lawsuit was settled earlier this year. The total amount of the settlement of the individual actions is $1.5 million. In connection with the settlement, AFC expects to record a charge in its fourth fiscal quarter of 2002 of approximately $1.5 million to cover the settlement, which is not expected to be currently funded by insurance. Under the terms of the settlement there is no finding of wrongdoing on the part of any of the defendants, or any other finding that the claims alleged had merit. The defendants have denied, and continue to deny, that they have committed any violation of federal securities or other laws. Advanced Fibre Communications Inc. (AFC)

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