/raid1/www/Hosts/bankrupt/CAR_Public/010716.mbx
C L A S S A C T I O N R E P O R T E R
Monday, July 16, 2001, Vol. 3, No. 137
Headlines
AGENCY.COM LTD: Milberg Weiss Files Securities Suit in S.D. NY
AKAMAI TECHNOLOGIES: Milberg Weiss Files S.D. NY Shareholder Suit
BERGEN BRUNSWIG: Judge Approves Global Settlement
AVENUE A: Milberg Weiss Sets Class Periods for Pending Lawsuits
BUY.COM INC: Cauley Geller Files Securities Suit In S.D. NY
BUY.COM INC: Schiffrin & Barroway File Shareholder Suit in S.D. NY
BUY.COM INC: Milberg Weiss Files Securities Complaint in S.D. NY
CHRONIMED INC: Pomerantz Haudek Files Suit for Shareholders
CLARENT CORPORATION: Bernstein Liebhard Files Suit in S.D. NY
COVAD COMMUNICATIONS: Milberg Weiss Files Securities Suit in NY
MACLAREN CHILDREN'S: Lawsuit Accuses Shelter of Child Abuse
DIGITAS INC: Cauley Geller Files Securities Suit in S.D. NY
DISABILITY LITIGATION: State Plans to Aid Mentally-ill Children
ECI TELECOM: Stull Stull File Securities Suit in E.D. Virginia
ECONOMY CLASS LITIGATION: Travelers Sue Airlines for Injuries
EMEX CORPORATION: Pomerantz Haudek Specifies Class Period
EXODUS COMMUNICATIONS: Weiss & Yourman Files Suit in N.D. CA
GOTO.COM INC: Bernstein Liebhard Files Securities Suit in S.D. NY
IMMUNE RESPONSE: Weiss & Yourman Files Complaint, Includes Agouron
INFOSPACE INC: Hagens Berman Files Lawsuit in W.D. Washington
MARCONI PLC: Berger & Montague File Suit in W.D. Pennsylvania
MARCONI PLC: Schiffrin & Barroway File Suit in W.D. Pennsylvania
MARCONI PLC: Cohen Milstein Files Securities Suit, Names Officers
MARCONI INC: Cauley Geller Files Lawsuit in W.D. Pennsylvania
NEW FOCUS: Milberg Weiss Sets Class Action Period
PORTAL SOFTWARE: Bernstein Liebhard Files Suit in S.D. NY
PROTON ENERGY: Milberg Weiss Files Complaint for Securities Buyers
REGENCE BLUESHIELD: ACLU and NARAL Slap Insurer with Lawsuit
ROBOTIC VISION: Kaplan Fox Files Securities Suit, Execs Named
SIPEX CORPORATION: Charles Piven Files Securities Lawsuit
SUMMIT AUTONOMOUS: Alcon Unit, VISX Settle Lawsuits
TRANSMETA CORPORATION: Wechsler Harwood File Suit in N.D. CA
TRANSMETA CORPORATION: Stull Stull Sets Class Period
TRANSMETA CORPORATION: Rosen Law Firm Files Conplaint in N.D. CA
TREX COMPANY: Charles Piven Files Private Securities Lawsuit
TUT SYSTEMS: Milberg Weiss Files Securities Complaint in N.D. CA
U.S. WIRELESS: Berman DeValerio Accuses Company of Stock Fraud
U.S. WIRELESS: Kaplan Fox Files Securities Lawsuit
U.S. WIRELESS: Kirby McInerney File Suit in N.D. CA
VALUE AMERICA: Milberg Weiss Sets Class Period
WINDSTORM INSURANCE LITIGATION: Miama-Dade County Joins Lawsuit
*****
AGENCY.COM LTD: Milberg Weiss Files Securities Suit in S.D. NY
--------------------------------------------------------------
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP filed a class
action lawsuit on July 11, 2001, on behalf of purchasers of the securities
of Agency.com, Ltd. (NASDAQ: ACOM - news) between December 8, 1999 and
December 6, 2000, inclusive.
A copy of the complaint filed in this action is available from the Court, or
can be viewed on Milberg Weiss' website at: http://www.milberg.com/agency/
The action is pending in the United States District Court, Southern District
of New York, located at 500 Pearl Street, New York, NY 10007, against the
following defendants:
* Agency.com
* Goldman Sachs & Co.
* Salomon Smith Barney, Inc.
* Chan Suh
* Kyle Shannon
* Kenneth Trush, and
* Charles Dickson.
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 8, 1999,
Agency.com commenced an initial public offering of 5,900,000 of its shares
of common stock at an offering price of $26 per share. In connection
therewith, Agency.com filed a registration statement, which incorporated a
prospectus, with the SEC.
The complaint further alleges the Prospectus was materially false and
misleading because it failed to disclose, among other things, that:
(i) Goldman Sachs and Smith Barney had solicited and received excessive
and undisclosed commissions from certain investors in exchange for which
Goldman Sachs and Smith Barney allocated to those investors material
portions of the restricted number of Agency.com shares issued in connection
with the Agency.com IPO; and
(ii) Goldman Sachs and Smith Barney had entered into agreements with
customers whereby Goldman Sachs and Smith Barney agreed to allocate
Agency.com shares to those customers in the Agency.com IPO in exchange for
which the customers agreed to purchase additional Agency.com 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.
Buyers of the securities of Agency.com between December 8, 1999 and December
6, 2000 may request court appointment as lead plaintiff no later than August
27, 2001. For more information on this action, contact attorneys Steven G.
Schulman or Samuel H. Rudman of Milberg Weiss Bershad Hynes & Lerach LLP,
One Pennsylvania Plaza, 49th fl., New York, NY, 10119-0165, Phone number:
(800) 320-5081, Email: Agencycase@milbergNY.com, Website:
http://www.milberg.com
AKAMAI TECHNOLOGIES: Milberg Weiss Files S.D. NY Shareholder Suit
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The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a
class action lawsuit was filed on July 12, 2001, on behalf of purchasers of
the securities of Akamai Technologies, Inc. (NASDAQ:AKAM - news) between
October 28, 1999 and December 6, 2000, inclusive.
A copy of the complaint filed in this action is available from the Court, or
can be viewed on Milberg Weiss' website at: http://www.milberg.com/akamai/
The action alleges the following as defendants:
* Akamai
* Morgan Stanley & Co., Inc.
* Salomon Smith Barney Inc.
* Credit Suisse First Boston Corp.
* George H. Conrades, and
* Timothy Weller
and is pending in the United States District Court, Southern District of New
York, located at 500 Pearl Street, New York, NY 10007.
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 28, 1999,
Akamai commenced an initial public offering of 9,000,000 of its shares of
common stock at an offering price of $26.00 per share. In connection
therewith, Akamai filed a registration statement, which incorporated a
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 underwriter defendants (Morgan Stanley, Salomon Smith Barney
and Credit Suisse) had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which the underwriter
defendants allocated to those investors material portions of the restricted
number of Akamai shares issued in connection with the Akamai IPO; and
(ii) the underwriter defendants had entered into agreements with
customers whereby they agreed to allocate Akamai shares to those customers
in the Akamai IPO in exchange for which the customers agreed to purchase
additional Akamai shares in the aftermarket at pre-determined prices.
Buyers of the securities of Akamai between October 28, 1999 and December 6,
2000 may, no later than August 31, 2001, request for court appointment as
lead plaintiff. For more information, contact attorneys Steven G. Schulman
or Samuel H. Rudman of Milberg Weiss Bershad Hynes & Lerach LLP, One
Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165, Phone number: (800)
320-5081, Email: akamaicase@milbergNY.com, Website: http://www.milberg.com
BERGEN BRUNSWIG: Judge Approves Global Settlement
-------------------------------------------------
Bergen Brunswig Corporation (NYSE:BBC - news) announced that on July 9,
2001, the Honorable Alicemarie Stotler, United States District Judge for the
Central District of California, approved the global settlement of the
pending Bergen securities class action, Bergen Capital Trust I class action,
and the Huppert derivative action, dismissing with prejudice all pending
federal securities class and derivative actions filed against Bergen and
certain of its officers and directors arising out of Bergen's acquisition of
Stadtlander Drug Co., Inc. in January 1999 and its merger with PharMerica,
Inc. in April 1999.
Bergen's cash contribution to the settlement was immaterial to its
operations, with Bergen's insurers funding the vast majority of the
settlement proceeds. The settlement was achieved without any admission of
liability by Bergen or its officers and directors.
Bergen Brunswig Corporation, headquartered in Orange County, California, is
a supplier of pharmaceuticals and specialty healthcare products, as well as
information management solutions and consulting services. Bergen's customers
include the nation's healthcare providers (hospitals, nursing homes and
physicians), drug stores, manufacturers and patients. Through its
subsidiaries, Bergen provides product distribution; logistics; pharmacy
management programs; and Internet fulfillment strategies designed to reduce
costs and improve patient outcomes across the entire healthcare spectrum.
For more information, contact Shannon Jager (media relations) at
714/385-4584 or Donna Dolan (investor relations) at 714/385-4226, Bergen
Brunswig Corporation, Orange, or visit the company's website
www.bergenbrunswig.com.
AVENUE A: Milberg Weiss Sets Class Periods for Pending Lawsuits
---------------------------------------------------------------
Milberg Weiss Bershad Hynes & Lerach LLP (www.milberg.com) gives notice to
purchasers of Avenue A, Inc. (NASDAQ: AVEA - news) securities between
February 28, 2000 to December 6, 2000 that the law firm filed class action
complaints on behalf of investors.
For more information on this action, contact attorneys Steven G. Schulman or
Samuel H. Rudman of Milberg Weiss Bershad Hynes & Lerach LLP, One
Pennsylvania Plaza, 49th Floor, New York, NY 10119-0165, Phone number: (800)
320-5081, Email: endfraud@milbergNY.com.
BUY.COM INC: Cauley Geller Files Securities Suit In S.D. NY
-----------------------------------------------------------
The Law Firm of Cauley Geller Bowman & Coates, LLP filed a class action in
the United States District Court for the Southern District of New York on
behalf of purchasers of Buy.com Inc. (Nasdaq: BUYX - news) securities during
the period between February 7, 2000 and December 6, 2000, inclusive. 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/buy.com.pdf.
The complaint alleges that on or about February 7, 2000, Buy.com commenced
an initial public offering (IPO) of 14,000,000 of its shares of common
stock, at an offering price of $13 per share. In connection therewith,
Buy.com filed a registration statement, which incorporated a prospectus,
with the SEC.
The complaint alleges that the Prospectus was materially false and
misleading because in failed to disclose, among other things, that:
(i) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which Merrill Lynch, Bear
Stearns, Robertson Stephens, Goldman Sachs and Smith Barney allocated to
those investors material portions of the restricted number of Buy.com shares
issued in connection with the Buy.com IPO; and
(ii) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had entered into agreements with customers whereby Merrill
Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney
agreed to allocated Buy.com shares to those customers in the Buy.com IPO in
exchange for which the customers agreed to purchase additional Buy.com
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.
Buyers of the securities of Buy.com between February 7, 2000 and December 6,
2000, inclusive, may request court appointment as lead plaintiff no later
than September 10, 2001. For more information, contact Jackie Addison, Sue
Null or Charlie Gastineau of the Client Relations Department of Cauley
Geller Bowman & Coates, LLP, P.O. Box 25438, Little Rock, AR 72221-5438,
Toll Free: 1-888-551-9944, E-mail: info@classlawyer.com.
BUY.COM INC: Schiffrin & Barroway File Shareholder Suit in S.D. NY
------------------------------------------------------------------
The law firm of Schiffrin & Barroway, LLP filed a class action lawsuit in
the United States District Court for the Southern District of New York, on
behalf of all purchasers of the common stock of Buy.com, Inc. (Nasdaq:
BUYX - news) from February 7, 2000 through December 6, 2000, inclusive
against the following defendants:
* Buy.com
* Merrill Lynch, Pierce, Fenner & Smith Incorporated
* Bear Stearns & Co., Inc.
* FleetBoston Robertson Stephens, Inc.
* Goldman Sachs & Co.
* Salomon Smith Barney, Inc.
* Gregory J. Hawkins, and
* Mitch C. Will.
On or about February 7, 2000, Buy.com commenced an initial public offering
of 14,000,000 of its shares of common stock, at an offering price of $13 per
share. In connection therewith, Buy.com filed a registration statement,
which incorporated a 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) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which Merrill Lynch, Bear
Stearns, Robertson Stephens, Goldman Sachs and Smith Barney allocated to
those investors material portions of the restricted number of Buy.com shares
issued in connection with the Buy.com IPO; and
(ii) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had entered into agreements with customers whereby Merrill
Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney
agreed to allocate Buy.com shares to those customers in the Buy.com IPO in
exchange for which the customers agreed to purchase additional Buy.com
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.
Members of the class described above may request court appointment as lead
plaintiff of the class not later than September 10, 2001. For more
information, contact Marc A. Topaz, Esq. or Stuart L. Berman, Esq. of
Schiffrin & Barroway, LLP, Three Bala Plaza East, Suite 400, Bala Cynwyd, PA
19004, toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.
BUY.COM INC: Milberg Weiss Files Securities Complaint in S.D. NY
----------------------------------------------------------------
The action is pending in the United States District Court, Southern District
of New York, located at 500 Pearl Street, New York, NY 10007, against the
following defendants:
* Buy.com
* Merrill Lynch, Pierce, Fenner & Smith Incorporated
* Bear Stearns & Co., Inc.
* FleetBoston Robertson Stephens, Inc.
* Goldman Sachs & Co.
* Salomon Smith Barney, Inc.
* Gregory J. Hawkins, and
* Mitch C. Hill.
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 February 7, 2000, Buy.com commenced an initial public offering
of 14,000,000 of its shares of common stock, at an offering price of $13 per
share. In connection therewith, Buy.com filed a registration statement,
which incorporated a 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) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which Merrill Lynch, Bear
Stearns, Robertson Stephens, Goldman Sachs and Smith Barney allocated to
those investors material portions of the restricted number of Buy.com shares
issued in connection with the Buy.com IPO; and
(ii) Merrill Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and
Smith Barney had entered into agreements with customers whereby Merrill
Lynch, Bear Stearns, Robertson Stephens, Goldman Sachs and Smith Barney
agreed to allocate Buy.com shares to those customers in the Buy.com IPO in
exchange for which the customers agreed to purchase additional Buy.com
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.
Buyers of the securities of Buy.com between February 7, 2000 and December 6,
2000 may, no later than September 10, 2001, request court appointment as
lead plaintiff. For more information on this action, contact attorneys
Steven G. Schulman or Samuel H. Rudman of Milberg Weiss Bershad Hynes &
Lerach LLP, One Pennsylvania Plaza, 49th fl., New York, NY, 10119-0165,
Phone number: (800) 320-5081, Email: Buycase@milbergNY.com, Website:
http://www.milberg.com.
CHRONIMED INC: Pomerantz Haudek Files Suit for Shareholders
-----------------------------------------------------------
Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed
or is investigating a class action suit on behalf of purchasers of Chronimed
Inc. (Nasdaq: CHMDE - news) securities between October 27,
1999 to June 13, 2001.
For more information, contact Andrew G. Tolan, Esq. of the Pomerantz firm at
888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by
e-mail (include mailing address and telephone number.) The law firm
requests responses by August 14, 2001.
CLARENT CORPORATION: Bernstein Liebhard Files Suit in S.D. NY
-------------------------------------------------------------
A securities class action lawsuit was commenced on behalf all persons who
acquired Clarent Corporation (NASDAQ: CLRN - news) securities between July
1, 1999 and July 2, 2001. A copy of the complaint is available from the
Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website
at www.bernlieb.com or contact us at (800) 217-1522 or by email at
CLRN@bernlieb.com.
The case is pending in the United States District Court for the Southern
District of New York located at 500 Pearl Street, New York, New York 10004.
The following are named as defendants in the complaint:
* Clarent
* Jerry Shaw-Yau Chang
* Richard J. Heaps
* Michael F. Vargo
* Wen Chang Ko
* Syaru Shirley Lin
* Credit Suisse First Boston Corporation
* BancBoston Robertson Stephens, Inc.
* Thomas Weisel Partners, LLC, and
* U.S. Bancorp Piper Jaffray, Inc.
The complaint charges defendants with violations of the Securities Act of
1933 and the Securities Exchange Act of 1934 for issuing a Registration
Statement and Prospectus that contained materially false and misleading
information and failed to disclose material information. The Prospectus was
issued in connection with Clarent's initial public offering of 4,000,000
shares of common stock at $15.00 per share that was completed on or about
July 1, 1999.
The complaint alleges that the Prospectus was false and misleading because
it failed to disclose
(i) the Underwriter Defendants' agreement with certain investors to
provide them with significant amounts of restricted Clarent shares in the
IPO in exchange for exorbitant and undisclosed commissions; and
(ii) the agreement between the Underwriter Defendants and certain of
its customers whereby the Underwriter Defendants would allocate shares in
the IPO to those customers in exchange for the customers' agreement to
purchase Clarent shares in the after-market at pre-determined prices.
The SEC is investigating underwriting practices in connection with several
other initial public offerings, including the offerings of VA Linux Systems,
Inc., Ariba Inc. and United Parcel Service, Inc.
Investors who purchased or otherwise acquired Clarent securities during the
Class Period and either lost money on the transaction or still hold the
securities may wish to request court appointment as lead plaintiff no later
than September 10, 2001. For more information, contact Ms. Linda Flood,
Director of Shareholder Relations, at Bernstein Liebhard & Lifshitz, LLP, 10
East 40th Street, New York, New York 10016, (800) 217-1522 or 212-779-1414
or by e-mail at CLRN@bernlieb.com.
COVAD COMMUNICATIONS: Milberg Weiss Files Securities Suit in NY
---------------------------------------------------------------
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP filed a class
action lawsuit on July 12, 2001 on behalf of purchasers of the securities of
Covad Communications Group, Inc. (NASDAQ: COVD - news) between January 21,
1999 and December 6, 2000, inclusive. A copy of the complaint filed in this
action is available from the Court, or can be viewed on Milberg Weiss'
website at: http://www.milberg.com/covadcomm/
The action is pending in the United States District Court, Southern District
of New York, located at 500 Pearl Street, New York, NY 10007, against the
following defendants:
* Covad
* Bear Stearns & Co., Inc.
* Goldman Sachs & Co.
* BancBoston Robertson Stephens, Inc.
* Salomon Smith Barney, Inc.
* Charles McMinn
* Robert Knowling, Jr., and
* Timothy Laehy.
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 21, 1999,
Covad commenced an initial public offering of 7,800,000 of its shares of
common stock at an offering price of $18 per share. In connection therewith,
Covad filed a registration statement, which incorporated a 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) Goldman Sachs, Robertson Stephens and Smith Barney had solicited
and received excessive and undisclosed commissions from certain investors in
exchange for which Goldman Sachs, Robertson Stephens and Smith Barney
allocated to those investors material portions of the restricted number of
Covad shares issued in connection with the Covad IPO; and
(ii) Goldman Sachs, Robertson Stephens and Smith Barney had entered
into agreements with customers whereby Goldman Sachs, Robertson Stephens and
Smith Barney agreed to allocate Covad shares to those customers in the Covad
IPO in exchange for which the customers agreed to purchase additional Covad
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.
Persons who bought the securities of Covad between January 21, 1999 and
December 6, 2000 may, no later than August 27, 2001, request for court
appointment as lead plaintiff. For more information on this action,
contact attorneys Steven G. Schulman or Samuel H. Rudman of Milberg Weiss
Bershad Hynes & Lerach LLP, One Pennsylvania Plaza, 49th fl., New York, NY,
10119-0165, Phone number: (800) 320-5081, Email: Covadcase@milbergNY.com,
Website: http://www.milberg.com.
MACLAREN CHILDREN'S: Lawsuit Accuses Shelter of Child Abuse
-----------------------------------------------------------
A class-action lawsuit filed Wednesday claims foster children at MacLaren
Children's Center were physically abused and that Department of Children and
Family Services employees "routinely engage in a course and pattern of
conduct whereby minors in residence at [MacLaren] are intimidated,
controlled, threatened, assaulted, battered and physically injured." The
MacLaren Children's Center is in El Monte, Los Angeles.
The lawsuit was filed on behalf of six current and former foster children at
the center. The suit alleges at least 20 department employees have either
injured foster children in their care or improperly used the criminal
justice system to "control and subdue dependent minors rather than provide
them with appropriate care and treatment," Greg Krikorian, writing for the
LA Times, reported. The suit says that the number of children who were
subjected to abusive treatment over the years may exceed 1,000.
Patricia Curry said there are efforts to improve conditions at MacLaren, and
that "[Chief Administrative Officer] David Janssen has taken a leadership
role in implementing some very important changes," the Times reports. Curry
heads a county committee that oversees MacLaren.
The lead plaintiff in the case is a 15-year-old girl whose right arm was
broken when MacLaren staff tried to stop her from running out of the center
late one night two years ago, the Times said. The six juvenile plaintiffs
in the lawsuit, which alleges that staff retaliate against minors by filing
police reports which lead to the children being removed from MacLaren and
designated as delinquents, reportedly suffered injuries which included
multiple bruises and broken arms. A hearing on the lawsuit is scheduled for
Monday, July 16, 2001.
DIGITAS INC: Cauley Geller Files Securities Suit in S.D. NY
-----------------------------------------------------------
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 Digitas Inc.
(Nasdaq: DTAS - news) securities during the period between March 14, 2000
and December 6, 2000, inclusive. 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/digitas.pdf.
The following are named defendants in the complaint:
* Digitas
* Morgan Stanley & Co. Inc.
* Salomon Smith Barney Inc.
* Bear, Stearns & Co. Inc.
* FleetBoston Robertson Stephens Inc.
* David W. Kenny, and
* Michael Goss.
On or about March 14, 2000, Digitas commenced an initial public offering,
and, together with certain selling shareholders, sold 9,300,000 share of
Digitas common stock at an offering price of $24 per share. In connection
therewith, Digitas filed a registration statement, which incorporated a
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 Underwriter Defendants (Morgan Stanley & Co. Inc., Salomon
Smith Barney Inc., Bear, Stearns & Co. Inc., FleetBoston Robertson Stephens
Inc.) had solicited and received excessive and undisclosed commissions from
certain investors in exchange for which the Underwriter Defendants allocated
to those investors material portions of the restricted number of Digitas
shares issued in connection with the Digitas IPO; and
(ii) the Underwriter Defendants had entered into agreements with
customers whereby the Underwriter Defendants agreed to allocate Digitas
shares to those customers in the Digitas IPO in exchange for which the
customers agreed to purchase additional Digitas shares in the aftermarket at
pre-determined prices.
Persons who bought the securities of Digitas between March 14, 2000 and
December 6, 2000, inclusive, may request court appointment as lead plaintiff
no later than August 28, 2001. For more informaation, contact Jackie
Addison, Sue Null or Charlie Gastineau of the Client Relations Department,
Cauley Geller Bowman & Coates, LLP, P.O. Box 25438, Little Rock, AR
72221-5438, Toll Free: 1-888-551-9944, E-mail: info@classlawyer.com.
DISABILITY LITIGATION: State Plans to Aid Mentally-ill Children
---------------------------------------------------------------
State officials are proposing a program of individualized counseling and
support aimed at poor and disabled children whose treatment is paid for by
taxpayers through the Medicaid program, The Boston Globe reports. The
program will provide individualized counseling and support, and will treat
more children at home.
There have been threats of class action suits launched against the state
since January. The suits allege that the state violated federal Medicaid
law by failing to provide enough home-based care, the Globe said.
ECI TELECOM: Stull Stull File Securities Suit in E.D. Virginia
--------------------------------------------------------------
Stull, Stull & Brody filed a class action lawsuit on June 29, 2001 in the
United States District Court for the Eastern District of Virginia, on behalf
of purchasers of ECI Telecom Ltd. (NASDAQ:ECIL - news) securities between
May 2, 2000 and February 14, 2001, inclusive.
The complaint alleges that defendants ECI Telecom Ltd., Doran Inbar, Avi
Ben-Assayag and Jonathan B. Kolber violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 by issuing materially false and misleading
information about the Company's financial condition and prospects. Plaintiff
alleges that defendants reported materially inflated financial results for
the Company's three quarters of fiscal 2000 and provided materially
misleading guidance concerning its results for the fourth quarter of fiscal
2000.
Defendants have belatedly admitted that the Company has to restate its
financial results for the first three quarters of fiscal 2000. Indeed, on
February 14, 2001, the Company acknowledged that the restatement of its
financials will require the moving of $38 million from 1999 to 2000, and $61
million from 2000 to 2001. Furthermore, on February 14, 2001 the Company
also disclosed that losses for the fourth quarter would be significantly
higher than its recent guidance. Thereafter, on February 15, 2001, ECI
common stock closed at $11.38, a 71% decline from its Class Period high of
$39.73 on July 17, 2000.
Investors who bought the common stock of ECI between May 2, 2000 and
February 14, 2001 may, no later than August 11, 2001, request court
appointment as lead plaintiff. For more information, contact Tzivia Brody,
Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by
e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull,
Stull & Brody, 6 East 45th Street, New York, NY 10017.
ECONOMY CLASS LITIGATION: Travelers Sue Airlines for Injuries
--------------------------------------------------------------
Lawyers acting for New Zealanders affected by deep vein thrombosis, also
known as "economy class syndrome," have filed claims in the High Court
against several airlines, according to a recent report by Van den BERGH
Roeland, appearing in Business.
Caroline Hannan, an attorney for the plaintiffs, from the Wellington firm
Johnston Lawrence, said the number of plaintiffs and the names of the
airlines were not yet available because the airlines were yet to be served
with the proceedings. Details as to the amount of damages sought were not
revealed, and varied depending on the loss suffered based on a preliminary
assessment of the injury, Hannan said.
The case against the airlines is based on the claim that the cause of deep
vein thrombosis, a blood clot which can be fatal, is the result of sitting
for long periods. Also, the design of aircraft seats and changes in cabin
air pressure are thought to be contributing factors to the condition.
Hannan also said she had received the names of 40 New Zealand air passengers
from the Melbourne law firm Slater and Gordon. Legal rules governing
international air travel require that the New Zealand claims be brought in a
New Zealand court.
Therefore, although 30 of the claimants had been contacted, not all wanted
to take action and others were still deciding. Claimants have up to two
years after the completion date of the travel to file a claim. The cases
filed so far were close to reaching that time limit, Hannan said.
EMEX CORPORATION: Pomerantz Haudek Specifies Class Period
---------------------------------------------------------
Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed
or is investigating a class action suit on behalf of purchasers of the
securities of Emex Corporation (Nasdaq: EMEX - news) between April 9, 2001
to May 23, 2001.
For more information, contact Andrew G. Tolan, Esq. of Pomerantz Haudek
Block Grossman & Gross LLP at 888-476-6529 (or (888) 4-POMLAW), toll free,
or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are
encouraged to include their mailing address and telephone number. The firm
requests responses to be in August 6, 2001.
EXODUS COMMUNICATIONS: Weiss & Yourman Files Suit in N.D. CA
------------------------------------------------------------
The Law Office of Weiss & Yourman filed class action lawsuit against Exodus
Communications, Inc. (NASDAQ:EXDS - news) and its senior executives in the
United States District Court for the Northern District of California,
seeking to recover damages on behalf of defrauded investors who purchased
Exodus securities during the period from March 30, 2001 to June 20, 2001.
The complaint asserts claims against defendants Exodus, Ellen M. Hancock, R.
Marshall Case, Dick Stoltz, Herbert A. Dollahite and Adam W. Wegner for
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of
1934. The complaint alleges that defendants issued a series of false and
misleading statements about the Company's business, earnings growth and
financial condition during the Class Period, while certain of them were
selling hundreds of thousands of shares at inflated prices. The civil action
number is C-01-02661 (JCS). Honorable Joseph C. Spero is the Judge assigned
to the case.
Purchasers of Exodus securities during the period from March 30, 2001 to
June 20, 2001 may request for court appointment as lead plaintiff no later
than September 10, 2001. For more information, contact Elizabeth P. Lin
and/or Jennifer R. Williams, (800) 437-7918 or (310) 208-2800, via Internet
electronic mail at info@wyca.com or by writing Weiss & Yourman, 10940
Wilshire Blvd., 24th Floor, Los Angeles, CA 90024.
GOTO.COM INC: Bernstein Liebhard Files Securities Suit in S.D. NY
-----------------------------------------------------------------
Bernstein Liebhard & Lifshitz, LLP filed a securities class action lawsuit
on behalf all persons who acquired GoTo.com, Inc. (NASDAQ: GOTO - news)
securities between June 18, 1999 and December 6, 2000. A copy of the
complaint is available from the Court or from Bernstein Liebhard & Lifshitz,
LLP. Please visit our website at www.bernlieb.com or contact us at (800)
217-1522 or by email at GOTO@bernlieb.com.
The case is pending in the United States District Court for the Southern
District of New York located at 500 Pearl Street, New York, New York 10004.
The following are named as defendants in the complaint:
* GoTo.com
* Jeffrey S. Brewer
* Todd Tappin
* Robert Kavner
* Donaldson, Lufkin & Jenrette Securities Corporation
* Salomon Smith Barney, Inc.
* Thomas Weisel Partners, LLC, and
* DLJ Direct, Inc.
The complaint charges defendants with violations of the Securities Act of
1933 and the Securities Exchange Act of 1934 for issuing a Registration
Statement and Prospectus that contained materially false and misleading
information and failed to disclose material information. The Prospectus was
issued in connection with GoTo.com's initial public offering of 6,000,000
shares of common stock at $15.00 per share that was completed on or about
June 18, 1999.
The complaint alleges that the Prospectus was false and misleading because
it failed to disclose
(i) the Underwriter Defendants' agreement with certain investors to
provide them with significant amounts of restricted GoTo.com shares in the
IPO in exchange for exorbitant and undisclosed commissions; and
(ii) the agreement between the Underwriter Defendants and certain of
its customers whereby the Underwriter Defendants would allocate shares in
the IPO to those customers in exchange for the customers' agreement to
purchase GoTo.com shares in the after-market at pre-determined prices.
The SEC is investigating underwriting practices in connection with several
other initial public offerings, including the offerings of VA Linux Systems,
Inc., Ariba Inc. and United Parcel Service, Inc. Plaintiff seeks to recover
damages on behalf of all those who purchased or otherwise acquired GoTo.com
securities during the Class Period.
Persons who purchased or otherwise acquired GoTo.com securities during the
Class Period and either lost money on the transaction or still hold the
securities may wish to request court appointment to serve as lead plaintiff
no later than September 10, 2001.
For more information, contact Ms. Linda Flood, Director of Shareholder
Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New
York, New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at
GOTO@bernlieb.com.
IMMUNE RESPONSE: Weiss & Yourman Files Complaint, Includes Agouron
------------------------------------------------------------------
Weiss & Yourman announced today it has filed a class action complaint on
behalf of all persons who acquired Immune Response Corp. (Nasdaq: IMNR -
news) securities between May 17, 1999 and July 6, 2001, inclusive. The
complaint charges Immune Response Corp. and Agouron Pharmaceuticals, Inc.
and their top officers with violations of federal securities laws.
Immune is a biopharmaceutical company developing immune-based therapies to
induce specific T cell response for the treatment of HIV, autoimmune
diseases, gene therapy and cancer. Immune's major product is Remune, an
injectable HIV-1 immunogen-based treatment designed to slow or stop the
progression of HIV infections into AIDS. The company is also developing and
testing therapeutic products for other autoimmune conditions. Agouron
Pharmaceuticals, Inc. was, until July 6, 2001, Immune's partner in
developing Remune for commercial distribution and sale.
The complaint charges that Immune and Agouron withheld the results of
Remune's major clinical trial, and instead hyped the prospects of Remune,
even though defendants knew during the Class Period that Remune had no
effect upon people with HIV and AIDS. The complaint further alleges
defendants' false misrepresentations worked to artificially inflate the
price of Immune stock.
The Complaint alleges that as a result of the defendants' conduct,
plaintiffs and other members of the class suffered damages.
Members of the class described above may move the court to serve as lead
plaintiff no later than September 10, 2001. For more information, contact
Weiss & Yourman (Los Angeles), +1-800-437-7918, Internet: www.wyca.com,
E-mail: info@wyca.com.
INFOSPACE INC: Hagens Berman Files Lawsuit in W.D. Washington
-------------------------------------------------------------
Hagens Berman LLP filed a class action in the United States District Court
for the Western District of Washington on behalf of all purchasers of
InfoSpace, Inc. (NASDAQ: INSP - news) common stock during the period from
January 26, 2000 through January 30, 2001.
The complaint charges InfoSpace and its founder and Chairman, Naveen Jain,
with violations of the Securities Exchange Act of 1934. The complaint
alleges that between January 2000 and January 2001, Defendants disseminated
false and misleading information concerning InfoSpace's actual FY 1999 and
2000 financial performance and Defendants' expectations concerning
InfoSpace's FY 2001 revenue and earnings. In fact, neither InfoSpace's
reported FY 1999 and FY 2000 results nor its projected FY 2001 performance
were accurate. Defendants' public representations were the result of
Defendants' efforts to manipulate InfoSpace's reported earnings and expected
FY 2001 performance and were designed to (and did) allow:
(i) Jain to sell millions of dollars of his own InfoSpace shares at
artificially inflated prices; and
(ii) allow Defendants to complete a series of acquisitions using shares
of InfoSpace's artificially inflated stock as currency, including the
October 2000 acquisition of Go2Net.
On January 30, 2001, after Defendants had completed several acquisitions
using inflated InfoSpace shares as currency, Defendants disclosed that,
contrary to the representations made by them during 2000 that InfoSpace was
experiencing strong revenue growth during 4Q99, and FY 2000 and that
InfoSpace would continue to post strong revenue growth through FY 2001,
InfoSpace would report no revenue growth or EPS for FY 2001, but rather
would report declining revenue and a significant loss for the year. As
Defendants began to reveal some of their improper conduct, including the
fact that Defendants' projected revenues and earnings estimates were false,
InfoSpace's shares fell to less than $6 per share, a 95% decline from their
Class Period high of $138-1/2 per share.
Members of the Class described above may within 60 days move the Court to
serve as lead plaintiff of the Class. For more information, contact
plaintiffs counsel Steve Berman or Karl Barth at Hagens Berman LLP, (206)
623-7292 or toll-free at (888) 381-2889 or via e-mail at
Karl@Hagens-Berman.com.
MARCONI PLC: Berger & Montague File Suit in W.D. Pennsylvania
-------------------------------------------------------------
The law firm of Berger & Montague, P.C., (http://www.investorprotect.com)
filed a class action suit on behalf of an investor against Marconi, PLC
(NASDAQ:MONI - news) and two of its principal officers in the United States
District Court for the Western District of Pennsylania on behalf of all
persons or entities who purchased Marconi, PLC American Deposit Receipts
during the period from April 11, 2001 through July 4, 2001, inclusive.
The complaint charges defendants with violations of Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 for falsely reassuring investors
during the class period that its revenues would rise this year. The company
claimed that its geographic and business mix left it relatively immune from
the economic downturn, and that it saw no need to change its guidance. For
example, on April 11, 2001, in reaction to analyst concerns about the impact
the economic downturn was having on the Company's industry, Defendants
falsely assured the investing community that Marconi did not need to change
it earning guidance because "the end demand is still there." However, less
than three months later, on July 4, 2001, Marconi belatedly issued a profit
warning, finally disclosing that tougher trading conditions in the three
months to June meant that sales for the year would be 15 percent lower than
last year. In addition, operating profit would be down by 50 percent for the
year ending March 2002.
The disclosure of Marconi's true financial condition was devastating to
shareholders. Marconi ADR's, which hit a class period high of $12.50 on May
2, 2001, and had closed at $7.03 on July 3, 2001, dropped by over fifty
percent when trading resumed, and closed on July 5, 2001 at only $3.35 per
share.
The complaint alleges that as a result of defendants' conduct, plaintiff and
other members of the Class suffered damages. The lawsuit seeks to recover
losses suffered by individual and institutional investors who purchased the
Company's ADR's during the Class Period at artificially inflated prices.
Persons who purchased Marconi, PLC ADR's during the period from April 11,
2001 through July 4, 2001, inclusive may, no later than September 7, 2001
move to be appointed as a Lead Plaintiff. For more information, contact
Sherrie R. Savett, Esq., Stuart J. Guber, Esq. or Kimberly A. Walker,
Investor Relations Manager of Berger & Montague, P.C., 1622 Locust Street
Philadelphia, PA 19103, Phone: 888/891-2289 or 215/875-3000, Fax:
215/875-5715, Website: http://www.investorprotect.com,e-mail:
InvestorProtect@bm.net.
MARCONI PLC: Schiffrin & Barroway File Suit in W.D. Pennsylvania
----------------------------------------------------------------
The law firm of Schiffrin & Barroway, LLP filed a class action lawsuit was
filed in the United States District Court for the Western District of
Pennsylvania on behalf of all purchasers of the common stock of Marconi plc
(Nasdaq: MONI - news) from April 11, 2001 through July 4, 2001, inclusive.
The complaint charges Marconi and certain of its officers and directors with
issuing a series of material misrepresentations concerning demand for its
products. Specifically, the complaint alleges that defendants issued several
press releases in which they assured investors that the Company would
experience an increase in its revenues in the current year and that, despite
earnings warnings from most of its competitors, the Company saw no need to
change its guidance. On July 4, 2001, however, defendants finally disclosed
that they were, in fact, experiencing a slowdown in customer spending and,
as a result, the Company expected sales to fall more than 15% and operating
profit to fall 50% for the year ending March 2002. The market's reaction to
this announcement was immediate and punitive. When shares reopened for
trading on July 5, 2001, after having been suspended pending this
announcement, the price per share of Marconi American Depositary Receipts
dropped by over 50% to close at $3.35 per share, significantly below the
Class Period high of $12.50 per share.
Members of the class described above may, not later than September 7, 2001,
move the Court to serve as lead plaintiff of the class. For more
information, contact Marc A. Topaz, Esq. or Stuart L. Berman, Esq. of
Schiffrin & Barroway, LLP, Three Bala Plaza East, Suite 400, Bala Cynwyd, PA
19004, toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.
MARCONI PLC: Cohen Milstein Files Securities Suit, Names Officers
-----------------------------------------------------------------
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. filed a class action in the
United States District Court for the Western District of Pennsylvania
against Marconi, PLC (Nasdaq:MONI - news) and three of its principal
officers, on behalf of purchasers of Marconi, PLC American Deposit Receipts
during the period between April 11, 2001 and July 4, 2001, inclusive.
The complaint charges defendants with violations of Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 for falsely reassuring investors
during the class period that its revenues would rise this year, claiming
that its geographic and business mix left it relatively immune from the
economic downturn, and that it saw no need to change its guidance. For
example, on April 11, 2001, in reaction to analysts' concerns about the
impact the economic downturn was having on the Company's industry,
Defendants falsely assured the investing community that Marconi did not need
to change its earning guidance because "the end demand is still there."
However, less than three months later, on July 4, 2001, Marconi belatedly
issued a profit warning, finally disclosing that tougher trading conditions
in the three months to June meant that sales for the year would be 15
percent lower than last year. In addition, operating profit would be down by
50 percent for the year ending March 2002.
The disclosure of Marconi's true financial condition was devastating to
shareholders. Marconi ADR's, which hit a class period high of $12.50 on May
2, 2001, and had closed at $7.03 on July 3, 2001, dropped by over fifty
percent when trading resumed, and closed on July 5, 2001 at only $3.35 per
share.
The complaint alleges that as a result of defendants' conduct, plaintiff and
other members of the Class suffered damages. The lawsuit seeks to recover
losses suffered by individual and institutional investors who purchased the
Company's ADR's during the Class Period at artificially inflated prices.
Buyers of shares of ADR's of Marconi during the Class Period may move the
Court no later than September 7, 2001 to serve as lead plaintiff for the
Class. For more information, contact Steven J. Toll, Esq. or Mary Ann Fink
Cohen of Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue, N.W.
Suite 500 - West Tower Washington, D.C. 20005 Telephone: 1-888-240-0775 or
202/408-4600 E-mail address: stoll@cmht.com, mfink@cmht.com
MARCONI INC: Cauley Geller Files Lawsuit in W.D. Pennsylvania
-------------------------------------------------------------
The Law Firm of Cauley Geller Bowman & Coates, LLP filed a class action in
the United States District Court for the Western District of Pennsylvania on
behalf of all purchasers of Marconi PLC (Nasdaq: MONI - news) common stock
during the period between April 11, 2001 and July 4, 2001, inclusive. 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.marconi.pdf.
The complaint charges Marconi and certain of its officers and directors with
violating the federal securities laws by issuing a series of material
misrepresentations concerning demand for its products. Specifically, the
complain alleges that defendants issued several press releases in which they
assured investors that the Company would experience an increase in its
revenues in the current year that, despite earnings warnings from most of
its competitors, the Company saw no need to change its guidance. On July 4,
2001, however, defendants finally disclosed that they were, in fact,
experiencing a slowdown in customer spending and, as a result, the Company
expected sales to fall more than 15% and operating profit to fall 50% for
the year ending March 2002. The market's reaction to this announcement was
immediate and punitive. When shares reopened for trading on July 5, 2001,
after having been suspended pending this announcement, the price per share
of Marconi American Depositary Receipts dropped by over 50% to close at
$3.35 per share, significantly below the Class Period high of $12.50 per
share.
Persons who bought the common stock of Marconi between April 11, 2001 and
July 4, 2001, inclusive, may request court appointment as lead plaintiff no
later than September 7, 2001. For more information, contact Jackie
Addison, Sue Null or Charlie Gastineau of the Client Relations Department,
Cauley Geller Bowman & Coates, LLP, P.O. Box 25438, Little Rock, AR
72221-5438, Toll Free: 1-888-551-9944, E-mail: info@classlawyer.com.
NEW FOCUS: Milberg Weiss Sets Class Action Period
-------------------------------------------------
Milberg Weiss (www.milberg.com) gives notice to purchasers of the securities
of New Focus, Inc. (NASDAQ: NUFO - news between May 18, 2000 to December 6,
2000 that a class action complaint was filed on behalf of investors by the
law firm of Milberg Weiss Bershad Hynes & Lerach LLP.
For more information, contact attorneys Steven G. Schulman or Samuel H.
Rudman of Milberg Weiss Bershad Hynes & Lerach LLP, One Pennsylvania Plaza,
49th Floor, New York, NY 10119-0165, Phone number: (800) 320-5081, Email:
endfraud@milbergNY.com.
PORTAL SOFTWARE: Bernstein Liebhard Files Suit in S.D. NY
---------------------------------------------------------
A securities class action lawsuit was commenced on behalf all persons who
acquired Portal Software, Inc. (NASDAQ: PRSF - news) securities between May
6, 1999 and December 6, 2000. A copy of the complaint is available from the
Court or from Bernstein Liebhard & Lifshitz, LLP.
The case is pending in the United States District Court for the Southern
District of New York located at 500 Pearl Street, New York, New York 10004.
Named as defendants in the complaint are Portal Software and the following
executive officers of Portal Software: John E. Little and Jack L. Acosta.
The complaint also names as defendants the following underwriters of Portal
Software's initial public offering: Goldman Sachs & Co., BancBoston
Robertson Stephens, Inc., Hambrecht & Quist LLC, and Credit Suisse First
Boston Corporation.
The complaint charges defendants with violations of the Securities Act of
1933 and the Securities Exchange Act of 1934 for issuing a Registration
Statement and Prospectus that contained materially false and misleading
information and failed to disclose material information. The Prospectus was
issued in connection with Portal Software's initial public offering of 4
million shares of common stock at $14.00 per share that was completed on or
about May 6, 1999.
The complaint alleges that the Prospectus was false and misleading because
it failed to disclose
(i) the Underwriter Defendants' agreement with certain investors to
provide them with significant amounts of restricted Portal Software shares
in the IPO in exchange for exorbitant and undisclosed commissions; and
(ii) the agreement between the Underwriter Defendants and certain of
its customers whereby the Underwriter Defendants would allocate shares in
the IPO to those customers in exchange for the customers' agreement to
purchase Portal Software shares in the after- market at pre-determined
prices.
The SEC and U.S. Attorney's office are investigating underwriting practices
in connection with several other initial public offerings, including the
offerings of VA Linux Systems, Inc., Ariba Inc. and United Parcel Service,
Inc.
Persons who purchased or otherwise acquired Portal Software securities
during the Class Period and either lost money on the transaction or still
hold the securities may wish to request court appointment to serve as lead
plaintiff no later than September 7, 2001.
For more information, contact Ms. Linda Flood, Director of Shareholder
Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New
York, New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at
PRSF@bernlieb.com.
Please visit our website at www.bernlieb.com or contact us at(800)217-1522
or by email at PRSF@bernlieb.com.
PROTON ENERGY: Milberg Weiss Files Complaint for Securities Buyers
------------------------------------------------------------------
Milberg Weiss (www.milberg.com) gives notice to purchasers of the securities
of Proton Energy Systems, Inc. (NASDAQ: PRTN - news) from September 28, 2000
to December 6, 2000. For more information on this action, contact attorneys
Steven G. Schulman or Samuel H. Rudman of Milberg Weiss Bershad Hynes &
Lerach LLP, One Pennsylvania Plaza, 49th Floor, New York, NY 10119-0165,
Phone number: (800) 320-5081, Email: endfraud@milbergNY.com.
REGENCE BLUESHIELD: ACLU and NARAL Slap Insurer with Lawsuit
------------------------------------------------------------
The American Civil Liberties Union and the Washington National Abortion
Rights Action League filed a class-action lawsuit in King County Superior
Court against insurance carrier Regence BlueShield. The suit alleges the
insurer discriminated against women by excluding essential birth control
prescriptions from health coverage plans, for its exclusion of prescription
contraceptives in coverage plans, the Associated Press reports.
The ACLU and NARAL provide their employees with health insurance benefits
including prescription coverage, and have asked Regence to include
contraceptives in group plans, the Press said.
Regence spokesman Chris Bruzzo told the Press the company had no comment on
the lawsuit, but that it has been working to expand access to contraceptive
coverage.
U.S. District Judge Robert S. Lasnik had ruled a month earlier in a a
summary judgment for Jennifer Erickson that a Seattle drug store chain must
cover birth control in its insurance plan, the Press said. Ms. Erickson is
a pharmacist who wanted 50-drugstore chain Bartell Drug Co. to cover
prescription contraceptives for her and other nonunion employees. Bartell,
based in the Seattle area, moved immediately to comply.
ROBOTIC VISION: Kaplan Fox Files Securities Suit, Execs Named
-------------------------------------------------------------
Kaplan Fox & Kilsheimer LLP has filed a class action lawsuit against Robotic
Vision Systems, Inc. and its top two executives. The action, number
01-CV-10876, is pending before Judge Richard G. Stearns in the United States
District Court for the District of Massachusetts. The suit is brought on
behalf of all persons or entities who purchased the common stock of Robotic
Vision Systems, Inc. (NASDAQ: ROBV - news) between January 27, 2000 and May
15, 2001 inclusive.
The complaint charges Robotic Systems and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. The
complaint alleges that during the Class Period, Robotic Systems reported
materially false and misleading financial results for fiscal year 2000 in
violation of Generally Accepted Accounting Principles. On May 15, 2001,
before the market opened, Robotic Systems announced that it would be
restating its financial results for the fiscal year ended September 30, 2000
and for the three month period ended December 31, 2000 to correct certain
accounting errors involving the recognition of revenue at its Acuity
CiMatrix division.
As a result of defendants' alleged fraud, Robotic Systems' common stock
traded at artificially inflated levels through out the class period. In
response to the shocking news that Robotic Systems' financial statements
required restatement, the Company's stock price lost almost 15% of its value
in one day.
Members of the Class may move the court no later than August 8, 2001 to
serve as a lead plaintiff for the Class. For more information, contact
Frederic S. Fox, Esq. or Hae Sung Nam, Esq. of Kaplan Fox & Kilsheimer LLP,
805 Third Avenue, 22nd Floor - New York, NY 10022, Tel:(800) 290-1952, (212)
687-1980, Fax: (212) 687-7714, e-mail mail@kaplanfox.com, or
mail@kkf-law.com.
SIPEX CORPORATION: Charles Piven Files Securities Lawsuit
---------------------------------------------------------
The Law Offices Of Charles J. Piven, P.A. announced that private securities
actions requesting class action status have been initiated on behalf of
purchasers of the securities of Sipex Corp. (NASDAQ: SIPX - news) from July
20, 2000 to January 11, 2001.
No class has yet been certified in the above actions. For more information,
contact the Law Offices Of Charles J. Piven, P.A. at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland
21202, by email at pivenlaw1@erols.com or by calling 410/986-0036.
SUMMIT AUTONOMOUS: Alcon Unit, VISX Settle Lawsuits
---------------------------------------------------
Summit Autonomous, a unit of Alcon, and VISX, Inc. have agreed to settle two
antitrust class action lawsuits brought against the companies. Summit's
share of the payments is $25 million. The lawsuits, one by physicians and
another by consumers, alleged that Summit and VISX entered an illegal
price-fixing agreement.
These claims were filed several years before Alcon acquired Summit
Autonomous in 2000, and Alcon was aware of these suits at the time of the
acquisition. While the company believes there is no basis for the claims, it
wished to close the matters and move on for the good of its customers and
their patients, said Tim Sear, Alcon President and CEO.
Alcon is the global leader in the research, development, manufacture and
marketing of ophthalmic products, including surgical instruments and
accessory products, intraocular lenses, prescription drugs and contact lens
care solutions. The Alcon group is wholly owned by Nestle S.A.
Founded in Fort Worth, Texas in 1947, Alcon now employs more than 11,000
individuals around the world. Total sales for 2000 were $2.55 billion, with
activity in more than 170 markets. One of the cornerstones of Alcon's
success is the company's commitment to Research and Development. Housed at
the company's headquarters in Fort Worth is the 400,000 square-foot William
C. Conner Research Center, the largest and most sophisticated eye research
center in the world. Other research centers include the Irvine Technology
Center, a surgical instrument research facility in Irvine, California, and
the Orlando Technology Center, a refractive research facility in Orlando,
Florida. Over the next five years, Alcon plans to spend more than $1.5
billion on eye- related research, more than any other company in its
category.
For more information, contact Mary Dulle, Director of Corporate
Communications, Alcon, (817) 551-8058, mary.dulle@alconlabs.com.
TRANSMETA CORPORATION: Wechsler Harwood File Suit in N.D. CA
------------------------------------------------------------
Wechsler Harwood Halebian & Feffer LLP has filed a class action lawsuit in
the United States District Court for the Northern District of California on
behalf of purchasers of Transmeta Corporation (Nasdaq: TMTA - news) during
the period between November 7, 2000 and June 20, 2001, inclusive.
The complaint charges Transmeta and certain of its officers and directors
with violations of the Securities Act of 1933 and the Securities Exchange
Act of 1934. On November 7, 2000, Transmeta completed its Initial Public
Offering pursuant to a Registration Statement and Prospectus, selling
14,950,000 shares (including over-allotments) at $21.00 per share for net
proceeds of $289 million. The complaint alleges that in connection with
Transmeta's IPO and continuing throughout the Class Period, defendants made
false and misleading statements about Transmeta's business and its principal
product, the Crusoe family of microprocessors. The company stated the
technology represented a revolutionary process that delivered longer battery
life in Mobile Internet Computers while delivering high performance. As a
result, Transmeta's stock traded as high as $50-7/8 per share. In May 2001,
as the Transmeta insiders' lock- up agreements expired, five of the
Individual Defendants sold 829,500 of their Transmeta shares for proceeds of
over $10.5 million.
Then, just weeks later, Transmeta was forced to admit its results for the
Second Quarter 2001 would be much worse than defendants had previously
represented. Transmeta would, in order to properly account for its impaired
inventory, be forced to record a multi-million dollar inventory charge in
connection with Transmeta's inventory for defective and/or outdated
products. Following Transmeta's announcement, Transmeta stock collapsed to
$5.12 per share before closing at $5.36 per share, an 89% decline from its
Class Period high of $50.875.
Members of the class described above have until August 24, 2001 to
participate in the case and ask court appointment as one of the lead
plaintiffs for the Class. For more information, contact Wechsler Harwood
Halebian & Feffer LLP, 488 Madison Avenue 8th Floor, New York, NY 10022,
David Leifer, dleifer@whhf.com - 877-935-7400 ext. 251.
TRANSMETA CORPORATION: Stull Stull Sets Class Period
----------------------------------------------------
Stull, Stull & Brody informed purchasers of the securities
Transmeta Corp.(Nasdaq:TMTA - news) from November 7, 2000 to June 20, 2001
that class action complaints were filed on behalf of investors. Stull, For
more information about these actions, contact Stull, Stull & Brody directly
by calling toll free 1-888-388-4605, or via e-mail at info@secfraud.com or
by writing Stull, Stull & Brody, 10940 Wilshire Boulevard, Suite 2300, Los
Angeles, CA 90024.
TRANSMETA CORPORATION: Rosen Law Firm Files Conplaint in N.D. CA
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The Rosen Law Firm (www.rosenlegal.com) announced that it has been retained
to file a class action lawsuit in the United States District Court for the
Northern District of California on behalf of all purchasers of Transmeta
Corporation (Nasdaq - TMTA) publicly traded common stock during the period
from November 7, 2000 through June 20, 2001.
The complaint alleges that, in the Company's IPO prospectus dated November
7, 2000, defendants issued false and misleading statements about Transmeta's
business and its principal line of microprocessors, the Crusoe. More
specifically, the complaint charges that defendants falsely claimed the
Crusoe line's technology included a revolutionary process that provided
longer battery life in Mobile Internet Computers while delivering high
performance. The complaint further alleges these false statements caused the
Company's stock price to be artificially elevated, allowing the defendants
to reap over $14 million in insider sales within the two months. The Company
then revealed the truth about Transmeta's worsening financial position,
while causing damage to investors who purchased at the artificially inflated
prices.
Persons who wish to serve as lead plaintiff must move the Court no later
than August 24, 2001. For more information, contact Laurence Rosen, Esq.
toll-free at 866-767-3653 or email lrosen@rosenlegal.com or visit the
website at www.rosenlegal.com to sign up online.
TREX COMPANY: Charles Piven Files Private Securities Lawsuit
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Law Offices Of Charles J. Piven, P.A. announced that a private securities
action requesting class action status has been initiated on behalf of
purchasers of the securities of Trex Company, Inc. (NYSE:TWP - news) during
the period April 24, 2001 through and including June 18, 2001.
No class has yet been certified in the above action. For more information,
contact Law Offices Of Charles J. Piven, P.A. at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland
21202, by email at pivenlaw1@erols.com or by calling 410/986-0036.
TUT SYSTEMS: Milberg Weiss Files Securities Complaint in N.D. CA
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Milberg Weiss (http://www.milberg.com/tutsystems/)announced that a class
action has been commenced in the United States District Court for the
Northern District of California on behalf of purchasers of Tut Systems Inc.
(Nasdaq:TUTS; CUSIP 90110310) securities during the period between July 20,
2000 and Jan. 31, 2001.
Persons who wish to serve as lead plaintiff must move the Court no later
than 60 days from today.
The complaint charges Tut and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. The complaint alleges
that defendants misrepresented the revenues that Tut was deriving from its
sales to small competitive local exchange carriers which were not able to
pay for the products purchased from Tut. Tut's sales were inflated and its
stock price was artificially inflated to a Class Period high of $120.37 on
8/29/00.
This upsurge in Tut's stock caused by defendants' false and misleading
statements enabled the individual defendants to sell 87,100 shares of their
Tut stock for proceeds of $8.1 million. By late 11/00, analysts learned that
Tut's 4thQ 00 sales would be well below previously forecasted levels,
causing the stock to decline.
On 11/30/00, Tut revealed to the public that it was in fact suffering a huge
decline in revenues, was not posting smaller negative earnings per share
growth, and contrary to defendants' repeated assurances, Tut was forced to
reveal the problems it had been experiencing during the Class Period in
attempting to grow its business.
This announcement caused the stock to drop to below $10 per share but the
stock continued to trade at artificially inflated levels as defendants
concealed the large amount of uncollectible receivables on Tut's books. Then
on, 1/31/01, Tut announced huge write-offs of uncollectible accounts
receivable and inventory, that its 4thQ 00 revenues had dropped to less than
$6 million compared to more than $10 million in the 4thQ 99, and that it was
laying off 10% of its workforce. This announcement caused its stock price to
drop to as low as $5.84, causing hundreds of millions of dollars in damages
to members of the Class.
For more information on this action, contact plaintiffs' counsel, William
Lerach or Darren Robbins of Milberg Weiss Bershad Hynes & Lerach LLP at
800/449-4900 or via e-mail at wsl@milberg.com.
U.S. WIRELESS: Berman DeValerio Accuses Company of Stock Fraud
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Berman DeValerio Pease Tabacco Burt & Pucillo filed a class action accusing
U.S. Wireless Corporation (Nasdaq:USWC - news) of stock fraud, which is
pending in a California federal court.
The firm's attorneys brought the lawsuit on the heels of the company's
announcement that it would restate its financial statements for fiscal 2000,
resulting in an increased net loss for the year.
The lawsuit was filed July 11, 2001 in the United States District Court for
the Northern District of California as c012637 and is pending before U.S.
Magistrate Judge Wayne Brazil. It seeks damages for violations of federal
securities laws on behalf of all investors who bought U.S. Wireless stock
between June 29, 1999 and May 26, 2001.
The class action charges San Ramon-based U.S. Wireless and its former chief
executive officer, Oliver Hilsenrath, with issuing false and misleading
financial statements and news releases about the company's earnings.
According to the complaint, the company failed to disclose transactions that
should have been made public under both Generally Accepted Accounting
Principles and U.S. Securities and Exchange Commission (SEC) regulations.
The transactions at issue were payments of cash, stock and stock options to
outside vendors affiliated with Hilsenrath.
In a news release issued July 10, 2001, U.S. Wireless said it would be
forced to restate its fiscal 2000 filings. The company said the restatement,
among other things, would increase the net loss for that year to $17.7
million from $11.5 million. In its statement, U.S. Wireless said the
decision to restate was made as a result of an investigation that found
"improper transactions."
The company also said it had "terminated Hilsenrath's employment for cause,"
and had asked him to resign his board seat.
Previously, U.S. Wireless had said an audit committee investigation had
uncovered "irregularities" related to the payments and that the company
believed the transactions "were not disclosed as required" in SEC filings.
The Nasdaq Stock Market suspended trading of U.S. Wireless stock on May 29.
During the Class Period, the company's stock traded as high as $22.875 per
share. When Nasdaq halted trading, shares were trading at $2.91.
Persons who purchased U.S. Wireless common stock during the period of June
29, 1999 through May 26, 2001 may contact Leslie R. Stern, Esq. or Jeffrey
C. Block, Esq. of Berman DeValerio Pease Tabacco Burt & Pucillo at One
Liberty Square, 425 California Street, Suite 2025, Boston, MA 02109, (800)
516-9926, law@bermanesq.com.
U.S. WIRELESS: Kaplan Fox Files Securities Lawsuit
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Kaplan Fox (www.kaplanfox.com) has filed a class action against U.S.
Wireless Corp. and certain of the Company's officers and directors in the
United States District Court for the Northern District of California. The
suit is brought on behalf of all persons or entities who purchased the
common stock of U.S. Wireless Corporation (NASDAQ: USWC - news) between June
29, 1999 and May 25, 2001 inclusive.
The complaint charges U.S. Wireless Corp. and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. The
complaint alleges that during the Class Period, defendants issued false and
misleading financial statements concerning U.S. Wireless' publicly reported
earnings. Specifically, the Company's financial statements issued during the
Class Period failed to disclose certain related party transactions as
required by the Generally Accepted Accounting Principles and regulations of
the U.S. Securities and Exchange Commission. These transactions involved the
issuance of cash payments, stock and stock options to outside vendors who
were affiliated with the Company's Chief Executive Officer and Chairman,
Oliver Hilsenrath.
On May 26, 2001, the Company issued a press release announcing that an
investigation by the Audit Committee of the Board of Directors had uncovered
various irregularities in relation to certain financial transactions at the
Company and further investigation was underway to determine the accuracy of
its reported earnings. U.S. Wireless also announced that Oliver Hisenration
was terminated by the Board of Directors. As a result of the U.S. Wireless'
false and misleading statements the Company's common stock was artificially
inflated throughout the Class Period, when it traded as high as $22.875 per
share.
Members of the Class may move the court no later than September 10, 2001 to
serve as a lead plaintiff for the Class. For more information, contact
Frederic S. Fox, Esq. or Donald R. Hall, Esq. of Kaplan Fox & Kilsheimer
LLP, 805 Third Avenue, 22nd Floor, New York, NY 10022, (800) 290-1952,
(212) 687-1980, Fax: (212) 687-7714, E-mail address: mail@kaplanfox.com, or
Laurence D. King, Esq. of Kaplan Fox & Kilsheimer LLP, 100 Pine Street, 26th
Floor
San Francisco, CA 94111, (415) 336-1238, Fax: (415) 677-1233, E-mail
address: mail@kaplanfox.com.
U.S. WIRELESS: Kirby McInerney File Suit in N.D. CA
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The law firm of Kirby McInerney & Squire, LLP (www.kmslaw.com) commenced a
class action lawsuit in the United States District Court for the Northern
District of California on behalf of all purchasers of U.S. Wireless
Corporation (NASDAQ:USWC; USWCE) common stock between June 29, 1999 and May
25, 2001.
The action charges U.S. Wireless Corp. and its former Chairman and CEO with
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 by reason of material misrepresentations and omissions.
The complaint alleges that during the Class Period, defendants caused the
Company to falsely report its results for fiscal 2000 through improper
characterization of the benefit and the beneficiaries of the issuance of
shares of the Company's stock. As a result of this mischaracterization, the
Company's net loss attributable to common shareholders was understated by
$6.2 million, or 35%. Ultimately, U.S. Wireless revealed that its results
for fiscal 2000 were in error and would be restated to record the share
issuances at fair market value and record a loss of $5.3 million for the
shares and $0.9 million for certain tax effects. Absent defendants' improper
accounting, the Company would have reported much less favorable fiscal 2000
earnings.
The restatement follows the Company's May 26, 2001 announcement that it
replaced Dr. Oliver Hilsenrath, the Company's Chairman/CEO, after an
internal investigation "uncovered various irregularities" concerning
unauthorized cash payments and issuance of stock and stock options.
As a result of defendants' malfeasance, Nasdaq halted trading in U.S.
Wireless on May 29, 2001 at $2.91.
Members of the class described above may, no later than September 10, 2001,
move the Court to serve as lead plaintiff of the class. For more
information, contact Ira M. Press, Esq. or Gretchen Becht, Paralegal, Kirby
Mcinerney & Squire, LLP, 830 Third Avenue
10th Floor, New York, New York 10022, Telephone: (212) 317-2300
or Toll Free (888) 529-4787, E-Mail: gbecht@kmslaw.com.
VALUE AMERICA: Milberg Weiss Sets Class Period
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Milberg Weiss (www.milberg.com) informed purchasers of the securities of
Value America, Inc. (NASDAQ: VUSQE - news) from April 8, 1999 to December 6,
2000 that a class action complaint was filed on behalf of investors.
For more information, contact attorneys Steven G. Schulman or Samuel H.
Rudman, One Pennsylvania Plaza, 49th Floor, New York, NY 10119-0165, Phone
number: (800) 320-5081, Email: endfraud@milbergNY.com
WINDSTORM INSURANCE LITIGATION: Miama-Dade County Joins Lawsuit
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Miami-Dade County is joining a class action lawsuit against insurance
companies over rising windstorm premiums, a report by WPLG Click10.com said.
The Florida windstorm underwriters association is reportedly hiking
insurance rates close to 300 percent in South Florida alone, which means
people with average size homes will pay more than $200 a month just for
windstorm protection, the report said.
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S U B S C R I P T I O N I N F O R M A T I O N
Class Action Reporter is a daily newsletter, co-published by Bankruptcy
Creditors' Service, Inc., Trenton, New Jersey, and Beard Group, Inc.,
Washington, D.C. Enid Sterling, Larri-Nil Veloso and Lyndsey Resnick,
Editors.
Copyright 2001. All rights reserved. ISSN 1525-2272.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to be
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The CAR subscription rate is $575 for six months delivered via e-mail.
Additional e-mail subscriptions for members of the same firm for the term of
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