February 20, 2004

"Please, Tell Us What You Know"

Last September, The 10b-5 Daily reported that the State of Connecticut, which is acting as the lead plaintiff in a securities class action pending against JDS Uniphase Corp. in the N.D. of Cal., had taken out a newspaper advertisement urging JDS Uniphase employees to disclose what they know about the alleged fraud.

The media campaign apparently has been a success. Counsel for the State of Connecticut announced yesterday that they have anonymously received an internal e-mail written by a JDS Uniphase employee indicating there was a significant disparity between public projections and the business reality the company faced in mid-2000. The press release, which is entitled "JDS Former Employees, Please, Tell Us What You Know," asserts that "dozens of other former employees" have come forward. Interestingly, the law firm also has posted the e-mail in question (with redactions) on its website.

The Canadian Press has an article on the announcement.

Addition: The Toronto Globe and Mail has more on the story, including that the e-mail allegedly appeared at the counsel's office, pre-redacted, in a brown envelope with the name and address written in ransom-note-style cutout letters.

Posted by Lyle Roberts at February 20, 2004 5:58 PM | TrackBack
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