BALA CYNWYD, Pa., Jan. 30, 2002 (PRIMEZONE) -- Shareholders of Chartered Semiconductor Manufacturing, Ltd. (Nasdaq:CHRT) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (01-CV-10839) against defendants Salomon Smith Barney, Inc.; Credit Suisse First Boston Corporation; SG Cowen Securities Corporation; and Soundview Technology Group, Inc. ("Defendants") must submit an application with the Court by February 3, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Chartered Semiconductor Manufacturing, LTD. securities between October 29, 1999 and December 6, 2000 (the "Class Period").
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 of Chartered Semiconductor Manufacturing, LTD. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Web site at www.sbclasslaw.com.
The complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about October 29, 1999, Chartered commenced an initial public offering of 225,000,000 of its shares of common stock at an offering price of $20 per share (the "Chartered IP"). In connection therewith, Chartered 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 Chartered shares issued in connection with the Chartered IPO; and (ii) Defendants had entered into agreements with customers whereby Defendants agreed to allocate Chartered shares to those customers in the Chartered IPO in exchange for which the customers agreed to purchase additional Chartered shares in the aftermarket at pre-determined prices.
If you purchased Chartered Semiconductor Manufacturing, Ltd. securities during the period of October 29, 1999 through December 6, 2000, you may be a member of the class and have until February 3, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our Web site at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca