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Bay Networks Named in Shareholder Suit

March 05, 1997|Times Staff and Wire Reports

Bay Networks Inc., former Chief Executive Andrew Ludwick and other executives have been named in a shareholder lawsuit charging them with making misleading statements about the company before a disappointing earnings report. The suit was filed in U.S. District Court in San Francisco. Bay Networks shares fell $3.375, or 14%, to $20.875 on Oct. 15 after the company posted fiscal first-quarter earnings of 3 cents a share. Analysts had been expecting the Santa Clara-based company to earn 29 cents. The suit seeks certification as a class action on behalf of all investors who bought the stock July 25, 1995, to Oct. 14, 1996. Company executives weren't immediately available to comment. Bay Network's shares lost 12.5 cents to close at $18.875 on the NYSE.

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