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Ikanos Communications, Inc. News

Judge Orders Complete Dismissal of Securities Class Action Against Ikanos

FREMONT, Calif., March 12 PRNewswire-FirstCall — Ikanos Communications, Inc. (Nasdaq: IKAN), a leading developer and provider of Fiber Fast(TM) broadband solutions, today announced that the U.S. District Court for the Southern District of New York has dismissed the securities class action suit filed against the Company, certain of its directors and officers and two investment banks.

As previously disclosed in the company's SEC filings, plaintiffs first filed the case in November 2006. The complaint alleged the Company's September 2005 IPO prospectus and March 2006 secondary offering prospectus failed to disclose various facts purportedly known to management. The twenty-one page order of dismissal reviewed all of the plaintiffs' allegations in detail, and determined that there was no basis to proceed further against the defendants. Pointing to the actual statements contained in the Company's offering documents, the court noted that Ikanos' disclosures "were more than adequate. They are of sufficient precision and clarity to alert prudent investors to the nature of the offerings and the risks entailed."

"We are very pleased with the court's ruling," said Noah D. Mesel, vice president and general counsel of Ikanos. "With this ruling, we are able to focus all of our efforts on managing our business."

Plaintiffs have thirty days from entry of judgment to appeal the decision.

The Company and the individual defendants were represented by Michael Torpey and James Kramer at Orrick, Herrington & Sutcliffe.

About Ikanos Communications, Inc.

Ikanos Communications, Inc. (Nasdaq: IKAN) develops chipsets that enable carriers to offer Fiber Fast(TM) bandwidth and Gigabit network processing for enhanced triple play services. Ikanos' multi-mode VDSL2/ADSLx and network processor solutions power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers. Ikanos' solutions enable fast and cost-effective carrier rollouts of interactive broadband services, including IPTV. For more information, visit http://www.ikanos.com.

(C) 2008 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos, the Ikanos logo, Ikanos Programmable Operating System, Arion, CleverConnect, Eagle, Fiber Fast, Fusiv, Fx, FxS, LoopNostics, Maximus, Palladia, RRA, SmartLeap and VLR are among the trademarks or registered trademarks of Ikanos.

Cautionary Statement

This press release contains forward-looking statements that involve risks, uncertainties and assumptions regarding the future conduct of the securities litigation described herein. The risks and uncertainties include whether plaintiffs decide to appeal the court's order dismissing the case. If such risks or uncertainties materialize or such assumptions prove incorrect, the company would face on-going defense costs and management distraction, and the company's results could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. For a further discussion of the risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Ikanos' Annual Reports on Form 10-K and its most recent Quarterly Reports on Form 10-Q. Ikanos cannot assure that the events and circumstances reflected in any forward-looking statements will be achieved or occur, nor does Ikanos undertake any obligation to update any forward-looking statements for any reason after the date of this press release.

SOURCE Ikanos Communications, Inc.

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