BALA CYNWYD, Pa., Oct. 23, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Engage, Inc., PSI Technologies Holdings, Inc., DQE, Inc. and Intel Corp. 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) 822-2221, fax number (610) 822-0002 or by e-mail at info@sbclasslaw.com.
ENGAGE, INC. (Nasdaq:ENGA) (Class Period: 07/19/99 - 12/06/00). On or about July 19, 1999, Engage commenced an initial public offering of 6,000,000 of its shares of common stock at an offering price of $15 per share (the "Engage IPO"). In connection therewith, Engage filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. As alleged in the complaint, the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Goldman & Bear Stearns had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman & Bear Stearns allocated to those investors material portions of the restricted number of Engage shares issued in connection with the Engage IPO; and (ii) Goldman & Bear Stearns had entered into agreements with customers whereby Goldman & Bear Stearns agreed to allocate Engage shares to those customers in the Engage IPO in exchange for which the customers agreed to purchase additional Engage 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 November 9, 2001.
PSI TECHNOLOGIES HOLDINGS, INC. (Nasdaq:PSIT) (Class Period: 03/15/00 - 12/06/00). On or about March 15, 2000, PSIT commenced an initial public offering of 3,500,000 of its shares of common stock at an offering price of $16 per share (the "PSIT IPO"). In connection therewith, PSIT 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 PSIT shares issued in connection with the PSIT IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate PSIT shares to those customers in the PSIT IPO in exchange for which the customers agreed to purchase additional PSIT 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 November 9, 2001.
DQE, INC. (NYSE:DQE) (Class Period: 12/06/00 - 04/30/01). The complaint charges DQE and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges DQE issued positive statements concerning the significant and positive impact that DQE Enterprises, Inc. ("DQE Enterprises"), the Company's investment subsidiary, was having, and would continue to have, on DQE's financial results.
During this time, the market for initial public offerings had dramatically slowed down. Accordingly, the ability of the companies in DQE Enterprises' investment portfolio to go public was substantially impaired. Defendants, however, issued a stream of positive statements concerning the Company's operations and prospects, but failed to disclose the impaired nature of DQE Enterprises' investments and that the Company would not realize the investment gains that defendants had caused the market to expect. As a result, defendants' estimates, projections and opinions as to the Company's operations, products, earnings and income were knowingly lacking in a reasonable basis at all relevant times. This information finally became publicly known on April 30, 2001, when DQE reported its earnings for the first quarter of 2001 and revised its earnings outlook for the full year, based in part, on the weakened outlook for DQE Enterprises. In response to this negative announcement, when trading resumed on May 1, 2001, the price of DQE common stock dropped from $30.43 per share to $23.75 per share on extremely heavy trading volume. The complaint was filed in the U.S. District Court for the Western District of Pennsylvania. The lead plaintiff motion must be filed no later than December 5, 2001.
INTEL CORP. (Nasdaq:INTC) (Class Period: 07/19/00 - 09/29/00). The complaint charges Intel and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that as a result of Intel's extraordinarily bullish statements and assurances during 7/00-8/00, on 8/28/00, Intel's stock hit its all-time high of $75-13/16. But the positive statements about the strong demand for Intel's products, Intel's improved manufacturing processes and efficiencies, the successful development and introduction of its Pentium III microprocessor, the successful development of the Pentium IV, Itanium and Timna chips and the outlook for Intel's 3rdQ 00 results, issued from 7/18-19/00 through the Intel Developer Forum, were false.
On 9/29/00, Intel admitted it was canceling its Timna chip (due to technical-development problems and a lack of market demand) and told customers it was delaying shipment of its Pentium IV and Itanium chips due to design and development problems. Intel's stock dropped, falling to as low as $35-3/8. Thus, in just over five weeks, Intel's stock dropped from its all-time high of $75-13/16 on 8/28, to its lowest price in years, $35-3/8, a market cap loss of $271 billion, wiping out 50% of Intel's stock value. The complaint was filed in the U.S. District Court for the Northern District of California. The lead plaintiff motion must be filed no later than December 8, 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 these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.