BALA CYNWYD, Pa., Aug. 28, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Portal Software, Inc., Buy.com, Blue Martini Software, Inc. and Goto.com, 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.
PORTAL SOFTWARE, INC. (Nasdaq:PRSF) (Class Period: 05/05/99 - 12/06/00). On or about May 5, 1999, Portal Software commenced an initial public offering of 4 million of its shares of common stock at an offering price of $14 per share (the "Portal Software IPO"). In connection therewith, Portal Software 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 Portal Software, Goldman Sachs & Co. ("Goldman Sachs"), Credit Suisse First Boston Corporation ("Credit Suisse"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs, Credit Suisse and Robertson Stephens allocated to those investors material portions of the restricted number of Portal Software shares issued in connection with the Portal Software IPO; and (ii) Goldman Sachs, Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Goldman Sachs, Credit Suisse and Robertson Stephens agreed to allocate Portal Software shares to those customers in the Portal Software IPO in exchange for which the customers agreed to purchase additional Portal Software 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 Sept. 7, 2001.
BUY.COM (Nasdaq:BUYX) (Class Period: 02/07/00 - 12/06/00). On or about Feb. 7, 2000, Buy.com commenced an initial public offering of 14 million of its shares of common stock at an offering price of $13 per share (the "Buy.com IPO"). In connection therewith, Buy.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) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney allocated to those investors material portions of the restricted number of Buy.com shares issued in connection with the Buy.com IPO; and (ii) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney had entered into agreements with customers whereby Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney agreed to allocate Buy.com shares to those customers in the Buy.com IPO in exchange for which the customers agreed to purchase additional Buy.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 Sept. 10, 2001.
BLUE MARTINI SOFTWARE, INC. (Nasdaq:BLUE) (Class Period: 07/24/00 - 07/09/01). On or about July 24, 2000, Blue Martini commenced an initial public offering of 7.5 million shares of common stock at $20 per share (the "IPO"). In connection therewith, Blue Martini filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was false and misleading because it failed to disclose, among other things, that: (i) the Underwriter Defendants' agreement with certain investors to provide them with significant amounts of restricted Blue Martini shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement between the Underwriter Defendants and certain of its customers whereby the Underwriter Defendants would allocate shares in the IPO to those customers in exchange for the customers' agreement to purchase Blue Martini shares in the after-market 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 Sept. 10, 2001.
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 Sept. 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