BALA CYNWYD, Pa., August 2, 2001 (PRIMEZONE) --Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Retek, Inc., Onvia.com, Inc., NaviSite, Inc. and Telaxis Telecommunications Corporation for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, 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.
RETEK, INC. (Nasdaq:RETK) (Class Period: 11/17/99 - 12/06/00) On or about November 17, 1999, Retek, Inc. ("Retek") commenced an initial public offering of 5,500,000 of its shares of common stock at an offering price of $15 per share (the "Retek IPO"). In connection therewith, Retek 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) 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 Retek shares issued in connection with the Retek IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Retek shares to those customers in the Retek IPO in exchange for which the customers agreed to purchase additional Retek 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.
ONVIA.COM, INC. (Nasdaq:ONVI) (Class Period: 2/29/00 - 12/06/00). On or about February 29, 2000, Onvia.com commenced an initial public offering of 8,000,000 of its shares of common stock at an offering price of $21 per share (the "Onvia.com IPO"). In connection therewith, Onvia.com 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") and FleetBoston Robertson Stephens, Inc. ("Robertson Stephens") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse and Robertson Stephens allocated to those investors material portions of the restricted number of Onvia.com shares issued in connection with the Onvia.com IPO; and (ii) Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Credit Suisse and Robertson Stephens agreed to allocate Onvia.com shares to those customers in the Onvia.com IPO in exchange for which the customers agreed to purchase additional Onvia.com 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 12, 2001.
NAVISITE, INC. (Nasdaq:NAVI) (Class Period: 10/22/99 - 12/06/00). The complaint charges NaviSite 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 October 22, 1999, NaviSite commenced an initial public offering of 5,500,000 of its shares of common stock at an offering price of $14.00 per share (the "NaviSite IPO"). In connection therewith, NaviSite 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) BancBoston Robertson Stephens ("Robertson Stephens") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Robertson Stephens, allocated to those investors material portions of the restricted number of NaviSite shares issued in connection with the NaviSite IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby Robertson Stephens agreed to allocate NaviSite shares to those customers in the NaviSite IPO in exchange for which the customers agreed to purchase additional NaviSite 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 13, 2001.
TELAXIS COMMUNICATIONS CORPORATION (Nasdaq:TLXS) (Class Period: 2/01/00 - 12/06/00) The complaint charges Telaxis Communications Corporation ("Telaxis") 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 1, 2000 Telaxis commenced an initial public offering of 4,000,000 of its shares of common stock at an offering price of $17.00 per share (the "Telaxis IPO"). In connection therewith, Telaxis filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corp. ("Credit Suisse") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse allocated to those investors material portions of the restricted number of Telaxis shares issued in connection with the Telaxis IPO; and (ii) Credit Suisse had entered into agreements with customers whereby Credit Suisse agreed to allocate Telaxis shares to those customers in the Telaxis IPO in exchange for which the customers agreed to purchase additional Telaxis 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 13, 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