Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Conexant Systems, Inc.

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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Conexant Systems, Inc. HARTFORD, Conn., Dec. 17 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased the publicly traded securities of Conexant Systems, Inc. (NasdaqNM: CNXT) ("Conexant") between March 1, 2004 and November 4, 2004 (the "Class Period"), including all former holders of GlobespanVirata, Inc. ("Globespan") who acquired Conexant shares in the merger completed March 1, 2004. The complaint alleges that Conexant violated federal securities laws by issuing false or misleading statements concerning its integration with Globespan. Specifically, the complaint alleges that Conexant repeatedly stated that the integration was successful when in fact there were significant problems with respect to the combined companies' parallel DSL and wireless technology offerings, as well as their sales and administration functions. The complaint alleges that Conexant issued false and misleading statements when it claimed that its wireless LAN ("WLAN") business was experiencing reduced growth due to competition from Taiwan-based chip suppliers when, in fact, the problem was actually caused by the combined companies' WLAN business not being properly integrated in the merger. On November 4, 2004, Conexant released its financial and operational results for the fourth quarter ended October 1, 2004, reporting that its "fourth fiscal quarter 2004 revenues of $213.1 million decreased 20 percent from the third fiscal quarter revenues of $267.6 million," and stating that "Conexant's sequential decline in revenues to $213.1 million in the fourth fiscal quarter was largely due to excess channel inventory that resulted from lower-than-expected customer demand. . . ." On this news Conexant stock fell from a close of $1.76 on November 4, 2004, to close at $1.60 on November 5, 2004. If you are a member of the class, you may, no later than February 15, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net/. CONTACT: Wayne T. Boulton Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton of Schatz & Nobel, +1-800-797-5499, Web site: http://www.snlaw.net/

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