Date: Fri, 21 Nov 1997 03:01:29 GMT Server: Apache/1.2.4 Connection: close Content-Type: text/html
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Cabletron Systems, Inc. received a copy of a shareholder class action suit filed October 24 in the Federal District Court in New Hampshire. The complaint alleges that Cabletron and several of its officers and directors disseminated materially false and misleading information about the company's operations and acted in violation of the securities laws during the period between March 3, 1997 and June 2, 1997. Damages are unspecified. The complaint further alleges that certain officers and directors profited from the dissemination of such false information by selling shares of Cabletron common stock during the period. In fact, certain officers and directors did sell during this period but at prices no higher than $32.50 per share and only during specified trading periods in which Cabletron officers and directors are permitted to sell shares of Cabletron common stock. In addition, at no time did officers and directors sell any shares of Cabletron common stock while in possession of material inside information. Cabletron believes that the allegations of the lawsuit are without merit. Cabletron management further believes the company has always acted with integrity and in compliance with its legal disclosure obligations. The company intends to defend the lawsuit vigorously.
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