Robertson Stephens and analyst Paul Johnson sued for 'knowingly issuing false and misleading "Buy" recommendations regarding Corvis'

March 3, 2003

3 Min Read

HARTFORD, Conn. -- A lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased the common stock of Corvis Corporation ("Corvis" or "Company")(Nasdaq: CORV - News) from August 22, 2000 through January 29, 2001, inclusive (the "Class Period"). Plaintiff is represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions, please contact attorneys Andrew M. Schatz or Nancy A. Kulesa at (800) 797-5499, or by e-mail at [email protected]. For more information about Schatz & Nobel, P.C. and class action cases, please visit our website at www.snlaw.net. The Complaint alleges that Robertson Stephens Inc. ("Robertson Stephens") and its former managing director and stock analyst Paul Johnson violated the federal securities laws by knowingly issuing false and misleading "Buy" recommendations regarding Corvis during the Class Period. Specifically, Paul Johnson issued "Buy" recommendations on Corvis to the public while privately advising a group of Robertson Stephens limited partnerships in which he had invested to sell their Corvis shares. Plaintiff seeks to recover damages from Salomon Smith Barney and Jack Grubman on behalf of all Class Members. If you purchased the common stock of Corvis from August 22, 2000 through January 29, 2001, inclusive, and wish to act as a lead plaintiff, please contact us not later than March 28, 2003. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at [email protected]. In a separate release: LOS ANGELES -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Corvis Corporation ("Corvis" or the "Company") (Nasdaq: CORV - News), between August 22, 2000 and January 29, 2001, inclusive (the "Class Period"). A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at [email protected] . The Complaint charges Robertson Stephens, Inc. and its former managing director and senior research analyst, Paul Johnson, with violations of federal securities laws. Among other things, plaintiff claims that defendants repeatedly issued false and misleading "Buy" recommendations on Corvis -- a maker of optical networking equipment -- while privately advising a group of Robertson Stephens limited partnerships to sell their Corvis shares. The complaint alleges that as a result of defendants' false and misleading statements, the market price of Corvis common stock was artificially inflated, maintained or stabilized during the Class Period, inflicting damages on investors who purchased the stock at the time, relying on the integrity of the market price of the stock. On January 9, 2003, the SEC and the National Association of Securities Dealers charged Paul Johnson for issuing Buy ratings on Corvis to the public while privately advising a group of Robertson Stephens limited partnerships (in which Johnson had invested) to sell their Corvis shares. Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud. If you are a member of the Class described above, you may move the Court, not later than March 28, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to [email protected].

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