BALA CYNWYD, Pa., Aug. 15, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against GoTo.com, Inc., Bsquare Corporation, Clarent Corp. and Chordiant Software, Inc. 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.
GOTO.COM, INC. (Nasdaq:GOTO) (Class Period: 06/18/99 - 12/06/00). On or about June 18, 1999, GoTo.com commenced an initial public offering of 6 million of its shares of common stock at an offering price of $15 per share (the "GoTo.com IPO"). In connection therewith, GoTo.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) 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 GoTo.com shares issued in connection with the GoTo.com IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Goto.com shares to those customers in the GoTo.com IPO in exchange for which the customers agreed to purchase additional GoTo.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 September 10, 2001.
BSQUARE CORPORATION (Nasdaq:BSQR) (Class Period: 10/19/99 - 12/06/00). On or about October 19, 1999, Bsquare commenced an initial public offering of 4,000,000 of its shares of common stock at an offering price of $15.00 per share (the "Bsquare IPO"). In connection therewith, Bsquare 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, Lehman Brothers and Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse, Lehman Brothers and Robertson Stephens allocated to those investors material portions of the restricted number of Bsquare shares issued in connection with the Bsquare IPO; and (ii) Credit Suisse, Lehman Brothers and Robertson Stephens had entered into agreements with customers whereby they agreed to allocate Bsquare shares to those customers in the Bsquare IPO in exchange for which the customers agreed to purchase additional Bsquare 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 10, 2001.
CLARENT CORP. (Nasdaq:CLRN) (Class Period: 07/01/99 - 12/06/00). On or about July 1, 1999, Clarent commenced an initial public offering of 4,000,000 of its shares of common stock at an offering price of $15 per share (the "Clarent IPO"). In connection therewith, Clarent 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 & Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse & Robertson Stephens allocated to those investors material portions of the restricted number of Clarent shares issued in connection with the Clarent IPO; and (ii) Credit Suisse & Robertson Stephens had entered into agreements with customers whereby Credit Suisse & Robertson Stephens agreed to allocate Clarent shares to those customers in the Clarent IPO in exchange for which the customers agreed to purchase additional Clarent 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 10, 2001.
CHORDIANT SOFTWARE, INC. (Nasdaq:CHRD) (Class Period: 02/14/00 - 12/06/00). On or about February 14, 2000, Chordiant commenced an initial public offering of 4,500,000 of its shares of common stock at an offering price of $18.00 per share (the "Chordiant IPO"). In connection therewith, Chordiant 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) 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 Chordiant shares issued in connection with the Chordiant IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby they agreed to allocate Chordiant shares to those customers in the Chordiant IPO in exchange for which the customers agreed to purchase additional Chordiant 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 10, 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