BALA CYNWYD, Pa., Dec. 6, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Northpoint Communications Group, Inc., Tut Systems, Inc., NetRatings, Inc. and Optio Software, Inc. for violations of the federal securities laws.
NORTHPOINT COMMUNICATIONS GROUP, INC. (OTCBB:NPNTQ) (Class Period: 05/05/99 - 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 May 5, 1999, Northpoint commenced an initial public offering of 15,000,000 of its shares of common stock at an offering price of $24 per share (the "Northpoint IPO"). In connection therewith, Northpoint 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 Northpoint shares issued in connection with the Northpoint IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Northpoint shares to those customers in the Northpoint IPO in exchange for which the customers agreed to purchase additional Northpoint 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, NY. The lead plaintiff motion must be filed no later than January 1, 2002.
TUT SYSTEMS, INC. (Nasdaq:TUTS) (Class Period 01/29/99 - 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 January 29, 1999, Tut commenced an initial public offering of 2,500,000 of its shares of common stock at an offering price of $18 per share (the "Tut IPO"). In connection therewith, Tut 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 Tut shares issued in connection with the Tut IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Tut shares to those customers in the Tut IPO in exchange for which the customers agreed to purchase additional Tut 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, NY. The lead plaintiff motion must be filed no later than January 1, 2002.
NETRATINGS, INC. (Nasdaq:NTRT) (Class Period: 12/09/99 - 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 December 9, 1999, NetRatings commenced an initial public offering of 4,000,000 of its shares of common stock at an offering price of $17 per share (the "NetRatings IPO"). In connection therewith, NetRatings 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 NetRatings shares issued in connection with the NetRatings IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate NetRatings shares to those customers in the NetRatings IPO in exchange for which the customers agreed to purchase additional NetRatings 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, NY. The lead plaintiff motion must be filed no later than January 5, 2002.
OPTIO SOFTWARE, INC. (Nasdaq:OPTO) (Class Period: 12/14/99 - 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 December 14, 1999, Optio commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $10 per share (the "Optio IPO"). In connection therewith, Optio 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 Optio shares issued in connection with the Optio IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Optio shares to those customers in the Optio IPO in exchange for which the customers agreed to purchase additional Optio 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, NY. The lead plaintiff motion must be filed no later than January 14, 2002.
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 610-822-2221, fax number 610-822-0002 or by e-mail at info@sbclasslaw.com.
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.