BALA CYNWYD, Pa., Jan. 11, 2002 (PRIMEZONE) -- Shareholders of Choice One Communications, Inc. (Nasdaq:CWON) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (01CV10576) must submit an application with the Court by January 20, 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 Choice One Communications, Inc. securities between February 16, 2000 and December 6, 2001 (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 Choice One Communications, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the New York-based Choice One Communications, Inc., on or about February 16, 2000, commenced an initial public offering of 7,145,000 of its shares of common stock at an offering price of $20 per share (the "Choice One IPO"). In connection therewith, Choice One 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 the Underwriters allocated to those investors material portions of the restricted number of Choice One shares issued in connection with the Choice One IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Choice One shares to those customers in the Choice One IPO in exchange for which the customers agreed to purchase additional Choice One shares in the aftermarket at pre-determined prices.
If you purchased Choice One Communications, Inc. securities during the period February 16, 2000 and December 6, 2001, you may be a member of the class and have until January 20, 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 website 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.