BALA CYNWYD, Pa., July 31, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Digital Impact, Inc., Expedia, Inc., Intersil Holding Corporation and El Sitio, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, 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.
DIGITAL IMPACT, INC. (Nasdaq:DIGI) (Class Period: 11/22/99 - 12/06/00). The complaint charges Digital and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about November 22, 1999, Digital Impact commenced an initial public offering of 4,500,000 of its shares of common stock at an offering price of $15.00 per share (the "Digital Impact IPO"). In connection therewith, Digital Impact 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) Credit Suisse First Boston Corp. ("Credit Suisse") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse allocated to those investors material portions of the restricted number of Digital Impact shares issued in connection with the Digital Impact IPO; and (ii) Credit Suisse had entered into agreements with customers whereby Credit Suisse agreed to allocate Digital Impact shares to those customers in the Digital Impact IPO in exchange for which the customers agreed to purchase additional Digital Impact 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 August 6, 2001.
EXPEDIA, INC. (Nasdaq:EXPE) (Class Period: 11/09/99 - 12/06/00). The complaint charges Expedia and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about November 9, 1999, Expedia commenced an initial public offering of 5,200,000 of its shares of common stock at an offering price of $14 per share (the "Expedia IPO"). In connection therewith, Expedia 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 Expedia shares issued in connection with the Expedia IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Expedia shares to those customers in the Expedia IPO in exchange for which the customers agreed to purchase additional Expedia shares in the aftermarket at pre-determined prices. As further 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 August 6, 2001.
INTERSIL HOLDING CORPORATION (Nasdaq:ISIL) (Class Period: 02/25/00 - 12/06/00). The complaint charges Intersil and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about February 25, 2000, Intersil commenced an initial public offering of 20,000,000 of its shares of common stock at an offering price of $25 per share (the "Intersil IPO"). In connection therewith, Intersil filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. Furthermore, 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 Intersil shares issued in connection with the Intersil IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Intersil shares to those customers in the Intersil IPO in exchange for which the customers agreed to purchase additional Intersil 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 August 7, 2001.
EL SITIO, INC. (Nasdaq:LCTO) (Class Period: 12/09/99 - 12/06/00). The complaint charges El Sitio and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about December 9, 1999, El Sitio commenced an initial public offering of 8,200,000 of its shares of common stock at an offering price of $16 per share (the "El Sitio IPO"). In connection therewith, El Sitio filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. Furthermore, the complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corporation ("Credit Suisse"), Lehman Brothers, Inc. ("Lehman"), Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("Merrill"), Salomon Smith Barney, Inc. ("Smith Barney") and BancBoston Robertson Stephens, Inc. ("Robertson Stephens"), had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens allocated to those investors material portions of the restricted number of El Sitio shares issued in connection with the El Sitio IPO; and (ii) Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens had entered into agreements with customers whereby Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens agreed to allocate El Sitio shares to those customers in the El Sitio IPO in exchange for which the customers agreed to purchase additional El Sitio 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 August 7, 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.