BALA CYNWYD, Pa., Nov. 5, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of PSI Technologies Holdings, Inc., Engage Inc., Telecommunication Systems, Inc. and Quicklogic Corporation 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) 822-2221, fax number (610) 822-0002 or by e-mail at info@sbclasslaw.com.
PSI TECHNOLOGIES HOLDINGS, INC. (Nasdaq:PSIT) (Class Period: 03/15/00 - 12/06/00). On or about March 15, 2000, PSIT commenced an initial public offering of 3,500,000 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 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. 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 November 9, 2001.
ENGAGE, INC. (Nasdaq:ENGA) (Class Period: 07/19/99 - 12/06/00). On or about July 19, 1999, Engage commenced an initial public offering of 6,000,000 of its shares of common stock at an offering price of $15 per share (the "Engage IPO"). In connection therewith, Engage filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. As alleged in the complaint, the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Goldman & Bear Stearns had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman & Bear Stearns allocated to those investors material portions of the restricted number of Engage shares issued in connection with the Engage IPO; and (ii) Goldman & Bear Stearns had entered into agreements with customers whereby Goldman & Bear Stearns agreed to allocate Engage shares to those customers in the Engage IPO in exchange for which the customers agreed to purchase additional Engage 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 November 9, 2001.
TELECOMMUNICATION SYSTEMS, INC. (Nasdaq:TSYS) (08/08/00 - 12/06/00) The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about August 8, 2000, Telecommunication commenced an initial public offering of 4,700,000 of its shares of common stock at an offering price of $17 per share (the "Telecommunication IPO"). In connection therewith, Telecommunication 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) Chase, Deutsche, Salomon, Banc of America, Merrill Lynch, Bear-Stearns, and Thomas Weisel had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Chase, Deutsche, Salomon, Banc of America, Merrill Lynch, Bear-Stearns, and Thomas Weisel allocated to those investors material portions of the restricted number of Telecommunication shares issued in connection with the Telecommunication IPO; and (ii) Chase, Deutsche, Salomon, Banc of America, Merrill Lynch, Bear-Stearns, and Thomas Weisel had entered into agreements with customers whereby Chase, Deutsche, Salomon, Banc of America, Merrill Lynch, Bear-Stearns, and Thomas Weisel agreed to allocate Telecommunication shares to those customers in the Telecommunication IPO in exchange for which the customers agreed to purchase additional Telecommunication shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, N.Y. The lead plaintiff motion must be filed no later than December 29, 2001.
QUICKLOGIC CORPORATION (Nasdaq:QUIK) (10/14/99 - 12/06/00). The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about October 14, 1999, Quicklogic Corporation commenced an initial public offering of 6,667,000 of its shares of common stock at an offering price of $10 per share (the "Quicklogic IPO"). In connection therewith, Quicklogic Corporation 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) FleetBoston and Bear-Stearns had solicited and received excessive and undisclosed commissions from certain investors in exchange for which FleetBoston and Bear-Stearns allocated to those investors material portions of the restricted number of Quicklogic Corporation shares issued in connection with the Quicklogic IPO; and (ii) FleetBoston and Bear-Stearns had entered into agreements with customers whereby FleetBoston and Bear-Stearns agreed to allocate Quicklogic Corporation shares to those customers in the Quicklogic IPO in exchange for which the customers agreed to purchase additional Quicklogic Corporation shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, N.Y. The lead plaintiff motion must be filed no later than December 29, 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 these and other class actions can be found at www.primezone.com/ca.