BALTIMORE, Jan. 23, 2002 (PRIMEZONE) -- ORATEC Interventions, Inc. ("ORATEC" or the "Company") (Nasdaq:OTEC) is a defendant in a securities class action now being pursued in the United States District Court for the Southern District of New York. Law Offices Of Charles J. Piven, P.A. is one of the firms that has filed this lawsuit within the past 60 days.
The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about April 4, 2000, ORATEC commenced an initial public offering of 4 million of its shares of common stock at an offering price of $14 per share (the "IPO"). In connection therewith, ORATEC 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) the Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which those Underwriters allocated to those investors material portions of the restricted number of IPO shares issued in connection with the ORATEC IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate shares to those customers in the ORATEC IPO in exchange for which the customers agreed to purchase additional ORATEC shares in the aftermarket at pre-determined prices.
If you purchased stock in ORATEC you may be a member of the class, and you have until January 29, 2002 to ask the Court to become the lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. To learn more about this lawsuit and your ability to become a lead plaintiff, you may contact Law Offices Of Charles J. Piven, P.A., without obligation or cost to you, at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at piven@pivenlaw.com or by calling 410/332-0030. Law Offices Of Charles J. Piven has been involved in shareholder class actions for over twelve years. You may retain Law Offices Of Charles J. Piven, P.A., or you may retain counsel of your choice.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca