BALA CYNWYD, Pa., Sept. 26, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of FreeMarkets, Inc., Talarian Corporation, Nuance Communications, Inc. and SciQuest.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.
FREEMARKETS, INC. (Nasdaq:FMKT) (Class Period: 12/09/99 - 07/30/01) On or about Dec. 9, 1999, FreeMarkets commenced an initial public offering of 3,600,000 of its shares of common stock at an offering price of $48 per share (the "FreeMarkets IPO"). In connection therewith, FreeMarkets filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further 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 FreeMarkets shares issued in connection with the FreeMarkets IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate FreeMarkets shares to those customers in the FreeMarkets IPO in exchange for which the customers agreed to purchase additional FreeMarkets 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 Oct. 1, 2001.
TALARIAN CORPORATION (Nasdaq:TALR) (Class Period: 07/20/00 - 12/06/00) On or about July 20, 2000, Talarian Corp. commenced an initial public offering of 4,200,000 of its shares of common stock at an offering price of $16 per share (the "Talarian Corp. IPO"). In connection therewith, Talarian 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) Lehman, Robertson Stephens and Merrill Lynch had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Lehman, Robertson Stephens and Merrill Lynch allocated to those investors material portions of the restricted number of Talarian shares issued in connection with the Talarian Corp. IPO; and (ii) Lehman, Robertson Stephens and Merrill Lynch had entered into agreements with customers whereby Lehman, Robertson Stephens and Merrill Lynch agreed to allocate Talarian shares to those customers in the Talarian Corp. IPO in exchange for which the customers agreed to purchase additional Talarian 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 Oct. 9, 2001.
NUANCE COMMUNICATIONS, INC. (Nasdaq:NUAN) (Class Period: 04/12/00 - 12/06/00) On or about April 12, 2000, Nuance commenced an initial public offering of 4,500,000 of its shares of common stock at an offering price of $17 per share (the "Nuance IPO"). In connection therewith, Nuance 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) Goldman Sachs and Merrill Lynch had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs and Merrill Lynch allocated to those investors material portions of the restricted number of Nuance shares issued in connection with the Nuance IPO; and (ii) Goldman Sachs and Merrill Lynch had entered into agreements with customers whereby Goldman Sachs and Merrill Lynch agreed to allocate Nuance shares to those customers in the Nuance IPO in exchange for which the customers agreed to purchase additional Nuance 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 Oct. 8, 2001.
SCIQUEST.COM, INC. (Nasdaq:SQST) (Class Period: 11/19/99 - 12/06/00) On or about Nov. 19, 1999, SciQuest.com commenced an initial public offering of 7,500,000 of its shares of common stock at an offering price of $16 per share (the "SciQuest.com IPO"). In connection therewith, SciQuest.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 SciQuest.com shares issued in connection with the SciQuest.com IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate SciQuest.com shares to those customers in the SciQuest.com IPO in exchange for which the customers agreed to purchase additional SciQuest.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 Oct. 8, 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