Bay Networks Inc is facing two separate lawsuits filed by two stockholders against the company and ten of its current and former officers and directors. One lawsuit has been filed in the United States District Court for the Northern District of California, and alleges violations of the federal securities laws. The other, filed in Santa Clara County, California Superior Court, alleges violations of the California Corporations Code. Both seek damages on behalf of a class of stockholders who purchased the company’s common stock during the period of July 25, 1995 through October 14, 1996. The complaint alleged that Bay made misleading statements regarding, Bay’s management and organization, its sales, revenues and profits, its products and capabilities, and its overall competitive market position. Bay says the lawsuits are without merit and that it will defend against them vigorously.
