CACSE Carrier Access (MM)

Shareholder Class Action Filed Against Carrier Access Corporation by the Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., June 13 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Colorado on behalf of all securities purchasers of Carrier Access Corporation (NASDAQ:CACSE) ("Carrier Access" or the "Company") between October 21, 2003 and May 20, 2005, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Carrier Access, Roger L. Koenig, Nancy G. Pierce, and Timothy R. Anderson with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company improperly recorded certain revenues and direct costs in incorrect periods in order to materially inflate its financial results; (2) that the Company lacked adequate internal controls; (3) that the Company's financial results were in violation of GAAP; (4) as a result of the foregoing, the Company's financial results were materially inflated at all relevant times; and (5) the defendants' statements about the Company's status and progress were lacking in any reasonable basis when made. On May 2, 2005, the Company announced that it was delaying filing an amendment to Form 10-K for the period ended December 31, 2004, because management discovered internal control deficiencies and revenue and cost recognition issues. On this news, shares of Carrier Access fell $0.47 per share or 8.58 percent, on May 3, 2005, to close at $5.01 per share. On May 20, 2005, Carrier Access finally revealed that previously issued financial statements for the year ended December 31, 2004, and certain interim periods in each of the years ended December 31, 2004, and 2003, would be restated. As the full extent of the Company's false and misleading practices had become known, Carrier Access' stock continued to decline. On May 20, 2005, the Company's stock fell another $0.69 per share or 13.02 percent to close at $4.61 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than August 1, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Schiffrin & Barroway, LLP: Marc A. Topaz, Esq. or Darren J. Check, Esq., +1-888-299-7706, +1-610-667-7706 or Web site: http://www.sbclasslaw.com/

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