NEW YORK, Oct. 17, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02 cv 8272, on behalf of all persons or entities who purchased or otherwise acquired securities of Covad Communications, Inc. ("Covad" or the "Company") (OTCBB:COVD) between January 27, 1999 through December 18, 2000, both dates inclusive (the "Class Period"). Goldman, Sachs & Co. ("Goldman Sachs"), Credit Suisse First Boston Corporation ("CSFB"), and Morgan Stanley Dean Witter & Co. ("Morgan Stanley") are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The complaint charges defendants with violating section 10(b) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements concerning Covad. The complaint alleges that Goldman Sachs, CSFB, and Morgan Stanley urged investors to purchase Covad stock when defendants knew or should have known that such purchases would not have been good investments. Specifically, the complaint alleges that defendants issued "Buy" recommendations about Covad without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interests that prevented them from providing independent objective analysis.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased or otherwise acquired Covad securities during the Class Period described above, you may, no later than October 29, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.