BALA CYNWYD, Pa., Aug. 29, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Firepond, Inc., FreeMarkets, Inc., Modem Media, Inc. and F5 Networks, 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.
FIREPOND, INC. (Nasdaq:FIRE) (Class Period: 12/06/00). On or about February 3, 2000, Firepond commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $22 per share (the "Firepond IPO"). In connection therewith, Firepond 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 Firepond shares issued in connection with the Firepond IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby Robertson Stephens agreed to allocate Firepond shares to those customers in the Firepond IPO in exchange for which the customers agreed to purchase additional Firepond shares in the aftermarket at pre-determined prices. 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 October 1, 2001.
FREEMARKETS, INC. (Nasdaq:FMKT) (Class Period: 12/09/99 - 7/30/01). On or about December 9, 1999, FreeMarkets commenced an initial public offering of 3,600,000 of its shares of common stock at an offering price of $48 per share (the "FreeMarkets IPO"). In connection therewith, FreeMarkets filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) defendants had solicited and received excessive and undisclosed commissions from certain investors in exchange for which defendants allocated to those investors material portions of the restricted number of FreeMarkets shares issued in connection with the FreeMarkets IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate FreeMarkets shares to those customers in the FreeMarkets IPO in exchange for which the customers agreed to purchase additional FreeMarkets 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 October 1, 2001.
MODEM MEDIA, INC. (Nasdaq:MMPT) (Class Period: 2/05/99 - 12/06/00). On or about February 5,1999, Modem Media commenced an initial public offering of 2,600,000 of its shares of its common stock at an offering price of $16 per share (the "Modem Media IPO"). In connection therewith, Modem Media 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) the Underwriter Defendants 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 Modem Media shares issued in connection with the Modem Media IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby they agreed to allocate Modem Media shares to those customers in the Modem Media IPO in exchange for which the customers agreed to purchase additional Modem Media shares in the aftermarket at pre-determined prices. 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 October 1, 2001.
F5 NETWORKS, INC. (Nasdaq:FFIV) (Class Period: 6/04/99 - 12/06/00). On or about June 4, 1999, F5 Networks commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $10 per share (the "F5 Networks IPO"). In connection therewith, F5 Networks 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 F5 Networks shares issued in connection with the F5 Networks IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate F5 Networks shares to those customers in the F5 Networks IPO in exchange for which the customers agreed to purchase additional F5 Networks 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 October 1, 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