Sonus Networks, Inc. (NASDAQ: SONS), a Massachusetts-based provider of voice infrastructure equipment and software for wireline and wireless service providers, has announced the preliminary settlement of one of two securities class actions pending against the company in the D. of Massachusetts. The settled case, originally filed in 2004, stems from allegations related to a large revenues restatement.
The settlement is for $40 million, and the company has yet to determine the portion, if any, of its $15.3 million in available insurance coverage that will be allocated to the settlement. The 10b-5 Daily has previously posted about the motion to dismiss decision in the case.
The 10b-5 Daily 