BALA CYNWYD, Pa., Sept. 12, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Digital Island Corporation, ITXC Corp., Vicinity Corporation and Bottomline Technologies, 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.
DIGITAL ISLAND CORPORATION (Nasdaq:ISLD) (Class Period: 06/29/99 - 12/06/00). On or about June 29, 1999, Digital Island commenced an initial public offering of 6,000,000 of its shares of common stock at an offering price of $10 per share (the "Digital Island IPO"). In connection therewith, Digital Island 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 Digital Island shares issued in connection with the Digital Island IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Digital Island shares to those customers in the Digital Island IPO in exchange for which the customers agreed to purchase additional Digital Island 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 24, 2001.
ITXC CORP. (Nasdaq:ITXC) (Class Period: 09/27/99 - 12/06/00). On or about September 27, 1999, ITXC commenced an initial public offering of 6,250,000 of its shares of common stock at an offering price of $12 per share (the "ITXC IPO"). In connection therewith, ITXC 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 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 ITXC shares issued in connection with the ITXC IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby they agreed to allocate ITXC shares to those customers in the ITXC IPO in exchange for which the customers agreed to purchase additional ITXC 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 24, 2001.
VICINITY CORPORATION (Nasdaq:VCNT) (Class Period: 02/08/00 - 12/06/00). On or about February 8, 2000, Vicinity commenced an initial public offering of 7,000,000 of its shares of common stock at an offering price of $17.00 per share (the "Vicinity IPO"). In connection therewith, Vicinity 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) Bear Stearns had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Bear Stearns allocated to those investors material portions of the restricted number of Vicinity shares issued in connection with the Vicinity IPO; and (ii) Bear Stearns had entered into agreements with customers whereby Bear Stearns agreed to allocate Vicinity shares to those customers in the Vicinity IPO in exchange for which the customers agreed to purchase additional Vicinity 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 24, 2001.
BOTTOMLINE TECHNOLOGIES, INC. (Nasdaq:EPAY) (Class Period: 02/12/99 - 12/06/00). On or about February 12, 1999, Bottomline commenced an initial public offering of 3,400,000 of its shares of common stock at an offering price of $13 per share (the "Bottomline IPO"). In connection therewith, Bottomline 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 Bottomline shares issued in connection with the Bottomline IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby Robertson Stephens agreed to allocate Bottomline shares to those customers in the Bottomline IPO in exchange for which the customers agreed to purchase additional Bottomline 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 24, 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 these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca