BALA CYNWYD, Pa., Aug. 3, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Netcentives, Inc., 724 Solutions, Inc., Net2000 Communications, Inc. and iPrint Technologies, 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
NETCENTIVES, INC. (Nasdaq:NCNT) (Class Period: 10/14/99 - 12/06/00). On or about Oct. 14, 1999, Netcentives commenced an initial public offering of 6 million of its shares of common stock at an offering price of $12 per share (the "Netcentives IPO"). In connection therewith, Netcentives 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 (Credit Suisse First Boston Corporation, Hambrecht & Quist, LLC, and Thomas Weisel Partners, LLC) 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 Netcentives shares issued in connection with the Netcentives IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Netcentives shares to those customers in the Netcentives IPO in exchange for which the customers agreed to purchase additional Netcentives 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 Aug. 13, 2001.
724 SOLUTIONS, INC. (Nasdaq:SVNX) (Class Period: 01/27/00 - 12/06/00). On or about Jan. 27, 2000, 724 Solutions commenced an initial public offering of 6 million of its shares of common stock at an offering price of $26 per share (the "724 Solutions IPO"). In connection therewith, 724 Solutions 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 ("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 724 Solutions shares issued in connection with the 724 Solutions IPO; and (ii) Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Credit Suisse and Robertson Stephens agreed to allocate 724 Solutions shares to those customers in the 724 Solutions IPO in exchange for which the customers agreed to purchase additional 724 Solutions 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 Aug. 13, 2001.
NET2000 COMMUNICATIONS, INC. (Nasdaq:NTKK) (Class Period: 03/07/00 - 12/06/00). The complaint charges Net 2000 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 March 6, 2000, Net2000 commenced an initial public offering of 10 million of its shares of common stock at an offering price of $20 per share (the "Net2000 IPO"). In connection therewith, Net2000 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) Goldman Sachs & Co. ("Goldman Sachs"), Bear Stearns & Co., Inc. ("Bear Stearns"), Lehman Brothers, Inc. ("Lehman") and Salomon Smith Barney, Inc. ("Smith Barney") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs, Bear Stearns, Lehman and Smith Barney allocated to those investors material portions of the restricted number of Net2000 shares issued in connection with the Net2000 IPO; and (ii) Goldman Sachs, Bear Stearns, Lehman and Smith Barney had entered into agreements with customers whereby Goldman Sachs, Bear Stearns, Lehman and Smith Barney agreed to allocate Net2000 shares to those customers in the Net2000 IPO in exchange for which the customers agreed to purchase additional Net2000 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 Aug. 13, 2001.
IPRINT TECHNOLOGIES, INC. (Nasdaq:IPRT) (Class Period: 03/08/00 - 12/06/00). The complaint charges iPrint 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 March 8, 2000, iPrint commenced an initial public offering of 4.5 million of its shares of common stock at an offering price of $10 per share (the "iPrint IPO"). In connection therewith, iPrint 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") and FleetBoston Robertson Stephens ("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 iPrint shares issued in connection with the iPrint IPO; and (ii) Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Credit Suisse and Robertson Stephens agreed to allocate iPrint shares to those customers in the iPrint IPO in exchange for which the customers agreed to purchase additional iPrint 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 Aug. 13, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for more than 14 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.