BALA CYNWYD, Pa., Aug. 1, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Commerce One, Inc., Deltathree.com, Inc., Avenue A, Inc. and Silverstream Software, Inc., for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, 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.
COMMERCE ONE, INC. (Nasdaq:CMRC) (Class Period: 07/01/99 - 06/15/01). The complaint charges Commerce One 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 July 1, 1999, Commerce One commenced an initial public offering of 3,300,000 of its shares of common stock at an offering price of $21.00 per share (the "Commerce One IPO"). In connection therewith, Commerce One 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") and BancBoston Robertson Stephens ("Robertson Stephens") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse and Robertson Stephens allocated to those investors material portions of the restricted number of Commerce One shares issued in connection with the Commerce One IPO; and (ii) Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Credit Suisse and Robertson Stephens agreed to allocate Commerce One shares to those customers in the Commerce One IPO in exchange for which the customers agreed to purchase additional Commerce One 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 12, 2001.
DELTATHREE.COM, INC. (Nasdaq:DDDC) (Class Period: 11/23/99 - 06/12/01). On or about November 23, 1999, deltathree commenced an initial public offering of 6,000,000 of its shares of common stock at an offering price of $15 per share (the "deltathree IPO"). In connection therewith, deltathree filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Lehman Brothers, Inc. ("Lehman Brothers"), Merrill Lynch, Fenner & Smith Incorporated ("Merrill Lynch"), Bear, Stearns & Co., Inc. ("Bear Stearns") and Goldman Sachs & Co. ("Goldman Sachs") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Lehman Brothers, Merrill Lynch, Bear Stearns and Goldman Sachs allocated to those investors material portions of the restricted number of deltathree shares issued in connection with the deltathree IPO; and (ii) Lehman Brothers, Merrill Lynch, Bear Stearns and Goldman Sachs had entered into agreements with customers whereby Lehman Brothers, Merrill Lynch, Bear Stearns and Goldman Sachs agreed to allocate deltathree shares to those customers in the deltathree IPO in exchange for which the customers agreed to purchase additional deltathree 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 14, 2001.
AVENUE A, INC. (Nasdaq:AVEA) (Class Period: 02/28/00 - 12/06/00). The complaint charges Avenue A 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 28, 2000, Avenue A commenced an initial public offering of 5,250,000 of its shares of common stock at an offering price of $24 per share (the "Avenue A IPO"). In connection therewith, Avenue A 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) Morgan Stanley & Co. ("Morgan Stanley") and Salomon Smith Barney, Inc. ("Smith Barney") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Morgan Stanley and Smith Barney allocated to those investors material portions of the restricted number of Avenue A shares issued in connection with the Avenue A IPO; and (ii) Morgan Stanley and Smith Barney had entered into agreements with customers whereby Morgan Stanley and Smith Barney agreed to allocate Avenue A shares to those customers in the Avenue A IPO in exchange for which the customers agreed to purchase additional Avenue A 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 14, 2001.
SILVERSTREAM SOFTWARE, INC. (Nasdaq:SSSW) (Class Period: 08/16/99 - 12/06/00). On or about August 16, 1999, SilverStream commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $16 per share (the "SilverStream IPO"). In connection therewith, SilverStream filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Morgan Stanley & Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Morgan Stanley & Robertson Stephens allocated to those investors material portions of the restricted number of SilverStream shares issued in connection with the SilverStream IPO; and (ii) Morgan Stanley & Robertson Stephens had entered into agreements with customers whereby Morgan Stanley & Robertson Stephens agreed to allocate SilverStream shares to those customers in the SilverStream IPO in exchange for which the customers agreed to purchase additional SilverStream 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 20, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca