BALA CYNWYD, Pa., Sept. 24, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Modem Media, Inc., F5 Networks, Inc., Marvell Technology Group, Ltd. and StorageNetworks, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at (888) 299-7706 (toll free) or (610) 667-7706, fax number (610) 667-7056 or by e-mail at info@sbclasslaw.com
MODEM MEDIA, INC. (Nasdaq:MMPT) (Class Period: 02/05/99 - 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: 06/04/99 - 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.
MARVELL TECHNOLOGY GROUP, LTD. (Nasdaq:MRVL) (Class Period: 06/27/00 - 12/06/00). On or about June 27, 2000, Marvel commenced an initial public offering of 6,000,000 of its shares of common stock at an offering price of $15 per share (the "Marvel IPO"). In connection therewith, Marvel 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 Marvel shares issued in connection with the Marvel IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Marvel shares to those customers in the Marvel IPO in exchange for which the customers agreed to purchase additional Marvel 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.
STORAGENETWORKS, INC. (Nasdaq:STOR) (Class Period: 06/30/00 - 12/06/00). On or about June 30, 2000 StorageNetworks commenced an initial public offering of 9,000,000 of its shares of common stock at an offering price of $15 per share (the "StorageNetworks IPO"). In connection therewith, StorageNetworks 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 StorageNetworks shares issued in connection with the StorageNetworks IPO; and (ii) Defendants had entered into agreements with customers whereby Defendants agreed to allocate StorageNetworks shares to those customers in the StorageNetworks IPO in exchange for which the customers agreed to purchase additional StorageNetworks 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 2, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for more than 14 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