On July 24, 2003, Wolf Popper LLP filed a securities fraud class action complaint against TyCom, Ltd. (NYSE:TCM), and certain of its senior officers, on behalf of purchasers of TyCom common stock between July 26, 2000 and December 18, 2001, inclusive (the "Class Period").

The complaint alleges, among other things, that during the Class Period, defendants made materially false and misleading statements about the underlying purpose for the initial public offering of TyCom stock in the registration statement and prospectus filed with the SEC on July 26, 2000. Among other things, defendants misrepresented that the purpose of the initial public offering was to finance the design and implementation of the TyCom Global Network, a proposed global undersea fiber optic network which TyCom predicted would be the most extensive and technologically advanced of its kind.

The foregoing representations were misleading because, among other things, the real purpose of the TyCom spinoff was to generate "bonuses" to be used by certain TyCom and Tyco executives to repay undisclosed and unauthorized loans to Tyco.

In reliance on defendants’ misrepresentations, TyCom shares sold at $32 per share in the initial public offering and traded as high as $45.438 per share during the Class Period. However, having realized their goals of generating extra revenue to repay the unauthorized and undisclosed loans, defendants announced on October 19, 2001 that a subsidiary of Tyco would reacquire TyCom, and on December 18, 2001, TyCom merged with Tyco at an effective merger price of only $17.48 per share.