CORRECTION: Bernstein Liebhard & Lifshitz, LLP Announces Class Action Lawsuit Commenced Against Robertson Stephens, Inc. on Behalf of Redback Networks, Inc. Shareholders

A securities class action lawsuit was commenced in the United States District Court for the Northern District of California against Robertson Stephens, Inc. on behalf of all persons who purchased or acquired Redback Networks, Inc. (NASDAQ: RBAK) ("Redback" or the "Company") securities (the "Class") between June 14, 1999 and March 8, 2000, inclusive (the "Class Period"). A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at www.bernlieb.com or contact us at (800) 217-1522 or by email at RBAK@bernlieb.com.

The Complaint charges that Robertson Stephens and its analyst Paul Johnson issued materially false and misleading public statements, research reports and "Buy" recommendations on Redback and praised the acquisition of Siara Systems, Inc. ("Siara") by Redback while failing to disclose that Johnson owned Siara stock and that the acquisition would result in a multimillion windfall for Johnson. The Complaint also alleges that, based on defendants' recommendations and failure to disclose defendant Johnson's conflicts of interest, Redback securities sold at artificially inflated prices during the Class Period. As a result, Plaintiff and the rest of the Class purchased their Redback shares at prices that were artificially inflated and were damaged thereby.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Redback securities during the Class Period. If you purchased or otherwise acquired Redback securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 3, 2003.

A"lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.

Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at www.bernlieb.com.

If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential Class member or lead plaintiff, you may contact Ms. Linda Flood, Director of Shareholder Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or (212) 779-1414 or by e-mail at RBAK@bernlieb.com.