BALA CYNWYD, Pa., Aug. 14, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Redback Networks, Inc., Extreme Networks, Inc., Tibco Software, Inc. and InterNAP Network Services Corporation 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
REDBACK NETWORKS, INC. (Nasdaq:RBAK) (Class Period: 5/17/99 - 12/06/00). On or about May 17,1999 Redback commenced an initial public offering of 2,500,000 of its shares of common stock at an offering price of $23 per share (the "Redback IPO"). In connection therewith, Redback 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., Inc., BancBoston Robertson Stephens, Inc., and Lehman Brothers, Inc.) 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 Redback shares issued in connection with the Redback IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Redback shares to those customers in the Redback IPO in exchange for which the customers agreed to purchase additional Redback 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 September 3, 2001.
EXTREME NETWORKS, INC. (Nasdaq:EXTR) (Class Period: 4/08/99 - 12/06/00). On or about April 8, 1999, Extreme Networks commenced an initial public offering of 7,000,000 of its shares of common stock at an offering price of $17 per share (the "Extreme Networks IPO"). In connection therewith, Extreme Networks 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) Morgan Stanley & Co., Inc., BancBoston Robertson Stephens Inc. and Lehman Brothers Inc. had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the defendants allocated to those investors material portions of the restricted number of Extreme Networks shares issued in connection with the Extreme Networks IPO; and (ii) the defendants had entered into agreements with customers whereby the defendants agreed to allocate Extreme Networks shares to those customers in the Extreme Networks IPO in exchange for which the customers agreed to purchase additional Extreme Networks 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 September 4, 2001.
TIBCO SOFTWARE, INC. (Nasdaq:TIBX) (Class Period: 7/13/99 - 12/06/00). On or about July 13, 1999, Tibco commenced an initial public offering of 7,300,000 of its shares of common stock at an offering price of $15 per share (the "Tibco IPO"). In connection therewith, Tibco 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 Tibco shares issued in connection with the Tibco IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Tibco shares to those customers in the Tibco IPO in exchange for which the customers agreed to purchase additional Tibco 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 September 4, 2001.
INTERNAP NETWORK SERVICES CORPORATION (Nasdaq:INAP) (Class Period: 9/29/99 - 7/03/01). On or about September 29, 1999, InterNAP commenced an initial public offering of 9.5 million of its shares of common stock at an offering price of $20 per share (the "InterNAP IPO"). In connection therewith, InterNAP 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., Inc., Credit Suisse First Boston Corp., BancBoston Robertson Stephens and Merrill Lynch, Pierce, Fenner & Smith, Inc.) 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 InterNAP shares issued in connection with the InterNAP IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate InterNAP shares to those customers in the InterNAP IPO in exchange for which the customers agreed to purchase additional InterNAP 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 September 4, 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.