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In Re Redback Networks, Inc. Securities Litigation 03-CV-05642

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In Re Redback Networks, Inc. Securities Litigation 03-CV-05642 Case 5:03-cv-05642-JF Document 256 Filed 06/01/2007 Page 1 of 1 Stuart M. Grant (pro hac vice) John C. Kairis (pro hac vice) 2 Kimberly L. Wierzel (pro hac vice) Grant & Eisenhofer P.A. 3 Chase Manhattan Centre 1201 North Market Street 4 Wilmington, DE 19801 Tel: 302.622.7000 5 Fax: 302.622.7100 6 Merrill Glen Emerick (State Bar No. 117248) Anderlini, Finkelstein, Emerick & Smoot 7 400 S. El Camino Real - Suite 700 San Mateo, CA 94402 8 Attorneys for Lead Plaintiff 9 The Connecticut Retirement Plans and Trust Funds 10 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA 11 SAN JOSE DIVISION 12 IN RE REDBACK NETWORKS, INC. Case Number C 03-05642 JF 13 SECURITIES LITIGATION 14 This Document Relates to : All Actions FIFTH AMENDED CONSOLIDATED 15 COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS 16 17 CLASS ACTION 18 DEMAND FOR JURY TRIAL 19 20 21 22 23 24 25 26 27 28 FIFTH AMENDED CONSOLIDATED COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Case Number C 03-05642 JF Case 5:03-cv-05642-JF Document 256 Filed 06/01/2007 Page 2 of 1 TABLE OF CONTENTS 2 I. NATURE AND SUMMARY OF THE ACTION ............................................................... 3 II. THE PARTIES ................................................................................................................... .. 4 Lead Plaintiff ..................................................................................................................... .. 5 Non-Party Redback Networks , Inc .................................................................................... .. 6 Individual Defendants ........................................................................................................ .. 7 PricewaterhouseCoopers LLP ............................................................................................ 1 8 Non-Party Pankaj Patel ...................................................................................................... 1 9 Non-Party Marc B. Weisberg ............................................................................................ 1 10 Jurisdiction And Venue ...................................................................................................... 1 11 III. DEFENDANTS ' FRAUDULENT SCHEME AND DECEITFUL 12 COURSE OF BUSINESS .................................................................................................. 1 13 Undisclosed Pre-IPO Stock Bribes .................................................................................... 1 14 Redback's Illicit Agreement With Weisberg And Qwest .................................................. 1 15 Redback's Undisclosed Relationship With Qwest ............................................................ 2 16 The Broadband Office Warrant ......................................................................................... 2 17 Redback's Scheme Continues ............................................................................................ 2 18 Material Delay of the New SmartEdgeTM Router .............................................................. 3 19 The Williams Deal ............................................................................................................. 4 20 Redback Uses Artificially-Inflated Stock For A Third Acquisition .................................. 4 21 Redback's SMSTM 10000 Operational Product's Problems Continued In 2001 And 2002 ....................................................................................................... 4 22 Qwest's Illicit Practices Begin To Come To Light ............................................................4 23 IV. DEFENDANTS' STATEMENTS WERE MADE FALSE AND 24 MISLEADING BY OMISSIONS OF MATERIAL FACTS ............................................ 5 25 Defendants ' Pre-Class Period Statements Were Made False And Misleading by Material Omissions ........................................................................ 5 26 Defendants ' Statements During The Class Period Were Made False And 27 Misleading by Omissions of Material Facts .......................................................... 5 28 FIFTH AMENDED CONSOLIDATED COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Case Number C 03-05642 JF Case 5:03-cv-05642-JF Document 256 Filed 06/01/2007 Page 3 of 1 Without the Sales From Bribery and Quid Pro Quo Transactions with 2 Qwest, Redback Descends Into Bankruptcy and Investors Begin to Learn Why ....................................................................................................... 10 3 V. REDBACK'S FRAUDULENT ACCOUNTING PRACTICES ..................................... 11 4 Generally Accepted Accounting Principles ("GAAP ) ................................................... 11 5 SEC Regulations .............................................................................................................. 11 6 Redback's Financial Disclosures Violated GAAP And SEC Regulations ...................... 11 7 The Overall Impact Of The GAAP And SEC Rules Violations ...................................... 12 8 VI. SCIENTER ...................................................................................................................... 12 9 VII. LOSS CAUSATION ........................................................................................................ 16 10 VIII. INAPPLICABILITY OF STATUTORY SAFE HARBOR ............................................ 17 11 IX. APPLICABILITY OF PRESUMPTION OF RELIANCE: FRAUD-ON- 12 THE-MARKET DOCTRINE .......................................................................................... 17 13 X. CLASS ACTION ALLEGATIONS ................................................................................ 17 14 FIRST CAUSE OF ACTION .......................................................................................... 17 15 SECOND CAUSE OF ACTION ..................................................................................... 18 16 THIRD CAUSE OF ACTION ......................................................................................... 18 17 FOURTH CAUSE OF ACTION ..................................................................................... 18 18 FIFTH CAUSE OF ACTION .......................................................................................... 18 19 SIXTH CAUSE OF ACTION ......................................................................................... 18 20 PRAYER FOR RELIEF .................................................................................................. 19 21 JURY TRIAL DEMANDED ........................................................................................... 19 22 23 24 25 26 27 28 FIFTH AMENDED CONSOLIDATED COMPLAINT FOR VIOLATION 11 OF THE FEDERAL SECURITIES LAWS Case Number C 03-05642 JF Case 5:03-cv-05642-JF Document 256 Filed 06/01/2007 Page 4 of 1 Lead Plaintiff, Connecticut Retirement Plans and Trust Funds (the "Connecticut 2 Retirement Fund or "Lead Plaintiff or "Plaintiff ), individually and on behalf of all others that 3 purchased or otherwise acquired the common stock ("Plaintiffs ) of Redback Networks, Inc. 4 ("Redback or the "Company ) between and including November 27, 1999 and October 10, 5 2003 (the "Class Period ), alleges the following upon information and belief, except as to those 6 allegations concerning the Connecticut Retirement Fund, which are alleged based upon personal 7 knowledge. Plaintiffs' information and belief are based upon, among other things, the 8 investigation conducted by and through Plaintiffs' attorneys, which included: (a) a review and 9 analysis of Redback's filings with the United States Securities and Exchange Commission (the 10 "SEC ); (b) review and analysis of press releases, public statements, news articles and other 11 publications disseminated by or concerning Redback or the defendants; (c) review and analysis 12 of Redback's analyst conference calls; (d) review and analysis of securities analysts' reports 13 regarding Redback; (e) interviews with over 20 former employees of Redback; (f) review and 14 analysis of documents filed by Redback and other creditors and entities in the United States 15 Bankruptcy Court for the District of Delaware during the course of Redback's bankruptcy 16 proceedings; (g) review and analysis of a Common Stock Warrant Agreement with Qwest 17 Investment Company (formerly known as U.S. Telesource, Inc.) dated November 27, 1999; (h) 18 review of the criminal indictment (and guilty plea) of Defendant Marc Weisberg; and (i) other 19 publicly-available information concerning Redback and the defendants. 20 Plaintiffs believe that further substantial evidence exists to support the allegations in this 21 Fifth Amended Consolidated Class Action Complaint For Violation of the Federal Securities 22 Laws ("Am. Compl. ) that will become available after a reasonable opportunity for discovery. 23 Most of the specific facts supporting the allegations herein are known only to defendants or are 24 exclusively within their custody or control. 25 1. NATURE AND SUMMARY OF THE ACTION 26 1. During the Class Period, the defendants embarked on a fraudulent course of 27 business, simple in design, but devastating in effect. The defendants engaged in a series of 28 transactions that had the purpose and effect to create the false appearance of legitimate revenue, FIFTH AMENDED CONSOLIDATED COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Case Number C 03-05642 JF Case 5:03-cv-05642-JF Document 256 Filed 06/01/2007 Page 5 of 1 thus enabling Redback to meet
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