NEW YORK -- A securities class action lawsuit was commenced Monday in the United States District Court for the Northern District of Illinois on behalf of all persons who purchased or acquired Tellabs, Inc. (NASDAQ:TLAB - news) ("Tellabs" or the "Company") securities between December 11, 2000 and June 19, 2001 (the "Class Period"). A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at www.bernlieb.com or contact us at (800) 217-1522 or by email at [email protected]. The complaint charges that Defendants Tellabs, Richard C. Notebaert (CEO, President, Director) and Michael J. Birck (Chairman) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between December 11, 2000 and June 19, 2001. According to the complaint, Tellabs had represented to the public, in press releases issued throughout the Class Period, that its new products were enjoying strong demand, that the seeming slowdown in its business was due to "component-parts shortages which have been corrected" and that Tellabs' business was strong fundamentally and the Company would meet earnings and revenues expectations. The complaint alleges that these, and other, statements were materially false and misleading because, as alleged in the complaint, Tellabs' new optical networking line of products were inferior to the competition and its products were not well-received or in high demand. The complaint further alleges that, contrary to Defendants' statements to the investing public, the Company's highly-touted acquisition of SALIX was a failure as sales of the product line Tellabs gained in the acquisition were falling. On June 19, 2002, Tellabs issued a press release revealing that second quarter of 2001 revenues would be 35% less than guidance reiterated only weeks before, and that the Company's earnings would be breakeven instead of the consensus $0.29 per share. In reaction to the announcement, the price of Tellabs' common stock fell by 31%, from $23 per share on June 19 to $15.87 on June 20, representing a 75% decline from the Class Period high. During the Class Period, Defendant Birck sold a total of 80,000 shares of Tellabs common stock at prices between $64.25 to $65.38 per share, grossing proceeds of more than $5.18 million. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Tellabs securities during the Class Period. If you purchased or otherwise acquired Tellabs securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as "lead plaintiff." In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 2, 2002. Tellabs Inc.