LITTLE ROCK, Ark., Oct. 12, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of PSI Technologies Holdings, Inc. ("PSIT" or the "Company") (Nasdaq:PSIT) securities during the period between March 15, 2000 and December 6, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr/psi_tech.pdf.
The complaint charges defendants FleetBoston Robertson Stephens, Inc., and Bear Stearns & Co., Inc. with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about March 15, 2000, PSIT commenced an initial public offering of 3.5 million of its shares of common stock at an offering price of $16 per share (the "PSIT IPO"). In connection therewith, PSIT 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 PSIT shares issued in connection with the PSIT IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate PSIT shares to those customers in the PSIT IPO in exchange for which the customers agreed to purchase additional PSIT 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.
If you bought the securities of PSIT between March 15, 2000 and December 6, 2000 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than November 9, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman and Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm, or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Charlie Gastineau P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.