BALA CYNWYD, Pa., Aug. 17, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Autobytel.com, Inc., Bottomline Technologies, Inc., Concur Technologies, Inc. and StarMedia Network, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-667-7706, fax number 610-667-7056 or by e-mail at info@sbclasslaw.com.
AUTOBYTEL.COM, INC. (Nasdaq:ABTL) (Class Period: 3/25/99 - 12/06/00). On or about March 25, 1999, Autobytel and selling shareholders commenced an initial public offering of 4,500,000 of its shares of common stock at an offering price of $23 per share (the "Autobytel IPO"). In connection therewith, Autobytel 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 Autobytel shares issued in connection with the Autobytel IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Autobytel shares to those customers in the Autobytel IPO in exchange for which the customers agreed to purchase additional Autobytel 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 September 24, 2001.
BOTTOMLINE TECHNOLOGIES, INC. (Nasdaq:EPAY) (Class Period: 2/12/99 - 12/06/00). On or about February 12, 1999, Bottomline commenced an initial public offering of 3,400,000 of its shares of common stock at an offering price of $13 per share (the "Bottomline IPO"). In connection therewith, Bottomline 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) Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Robertson Stephens allocated to those investors material portions of the restricted number of Bottomline shares issued in connection with the Bottomline IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby Robertson Stephens agreed to allocate Bottomline shares to those customers in the Bottomline IPO in exchange for which the customers agreed to purchase additional Bottomline 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 September 24, 2001.
CONCUR TECHNOLOGIES, INC. (Nasdaq:CNQR) (Class Period: 12/16/98 - 12/06/00). On or about December 16, 1998, Concur commenced an initial public offering of 3,100,000 of its shares of common stock at an offering price of $12.50 per share (the "Concur IPO"). In connection therewith, Concur 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) defendant had solicited and received excessive and undisclosed commissions from certain investors in exchange for which defendant allocated to those investors material portions of the restricted number of Concur shares issued in connection with the Concur IPO; and (ii) defendant had entered into agreements with customers whereby defendant agreed to allocate Concur shares to those customers in the Concur IPO in exchange for which the customers agreed to purchase additional Concur 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 September 24, 2001.
STARMEDIA NETWORK, INC. (NYSE:PER) (Class Period: 2/02/99 - 12/06/00). On or about May 25, 1999, StarMedia commenced an initial public offering of 7,000,000 of its shares of common stock at an offering price of $15.00 per share (the "StarMedia IPO"). In connection therewith, StarMedia 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 StarMedia shares issued in connection with the StarMedia IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate StarMedia shares to those customers in the StarMedia IPO in exchange for which the customers agreed to purchase additional StarMedia 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 September 24, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at 888-299-7706.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.