On December 15, 2003, the Court granted final approval of the agreement to settle this litigation. The class portion of the settlement in this massive securities fraud class action amounted to over $500 million in cash, stock and warrants and ranks as one of the largest securities class action settlements ever.
A securities fraud class action filed on behalf of purchasers of the common stock of Lucent Technologies, Inc. from October 26, 1999 through December 20, 2000. In the action, Cohen Milstein Sellers & Toll PLLC represented one of the co-lead plaintiffs in this action, The Parnassus Fund, a mutual fund based in San Francisco, California. Plaintiffs' complaint charged Lucent with making false and misleading statements to the investing public concerning its publicly reported financial results and failing to disclose the serious problems in its optical networking business. When the truth was disclosed, Lucent admitted that it had improperly recognized revenue of nearly $679 million in fiscal 2000.