BALA CYNWYD, Pa., July 27, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Intersil Holding Corporation, El Sitio, Inc., CacheFlow, Inc., and Tivo, Inc., for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-667-7706, fax number 610-667-7056 or by e-mail at info@sbclasslaw.com
INTERSIL HOLDING CORPORATION (Nasdaq:ISIL) (Class Period: 02/25/00 - 12/06/00). The complaint charges Intersil and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about February 25, 2000, Intersil commenced an initial public offering of 20,000,000 of its shares of common stock at an offering price of $25 per share (the "Intersil IPO"). In connection therewith, Intersil filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. Furthermore, the complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) defendants had solicited and received excessive and undisclosed commissions from certain investors in exchange for which defendants allocated to those investors material portions of the restricted number of Intersil shares issued in connection with the Intersil IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Intersil shares to those customers in the Intersil IPO in exchange for which the customers agreed to purchase additional Intersil shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than August 7, 2001.
EL SITIO, INC. (Nasdaq:LCTO) (Class Period: 12/09/99 - 12/06/00). The complaint charges El Sitio and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about December 9, 1999, El Sitio commenced an initial public offering of 8,200,000 of its shares of common stock at an offering price of $16 per share (the "El Sitio IPO"). In connection therewith, El Sitio filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. Furthermore, the complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corporation ("Credit Suisse"), Lehman Brothers, Inc. ("Lehman"), Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("Merrill"), Salomon Smith Barney, Inc. ("Smith Barney") and BancBoston Robertson Stephens, Inc. ("Robertson Stephens"), had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens allocated to those investors material portions of the restricted number of El Sitio shares issued in connection with the El Sitio IPO; and (ii) Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens had entered into agreements with customers whereby Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens agreed to allocate El Sitio shares to those customers in the El Sitio IPO in exchange for which the customers agreed to purchase additional El Sitio shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than August 7, 2001.
CACHEFLOW, INC. (Nasdaq:CFLO) (Class Period: 11/18/99 - 12/06/00). On or about November 18, 1999 CacheFlow commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $24.00 per share (the "CacheFlow IPO"). In connection therewith, CacheFlow filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) the Underwriter Defendants, Morgan Stanley & Co., ("Morgan Stanley"), Credit Suisse First Boston Corporation ("Credit Suisse"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens") and Salomon Smith Barney, Inc. ("Salomon") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriter Defendants allocated to those investors material portions of the restricted number of CacheFlow shares issued in connection with the CacheFlow IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate CacheFlow shares to those customers in the CacheFlow IPO in exchange for which the customers agreed to purchase additional CacheFlow shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than August 7, 2001.
TIVO, INC. (Nasdaq:TIVO) (Class Period: 09/29/99 - 12/06/00). On or about September 29, 1999, Tivo commenced an initial public offering of 5,500,000 of its shares of common stock at an offering price of $16 per share (the "Tivo IPO"). In connection therewith, Tivo filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corporation ("Credit Suisse"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens") and Hambrecht & Quist LLC ("H&Q") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse, Robertson Stephens and H&Q allocated to those investors material portions of the restricted number of Tivo shares issued in connection with the Tivo IPO; and (ii) Credit Suisse, Robertson Stephens and H&Q had entered into agreements with customers whereby Credit Suisse, Robertson Stephens and H&Q agreed to allocate Tivo shares to those customers in the Tivo IPO in exchange for which the customers agreed to purchase additional Tivo shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than August 11, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors.
If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at 888-299-7706.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca