LITTLE ROCK, Ark., Dec. 7, 2001 (PRIMEZONE) -- 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 Northern District of Illinois, Eastern Division on behalf of purchasers of Apropos Technology, Inc. ("Apropos" or the "Company") (Nasdaq:APRS) common stock in its February 17, 2000 initial public offering ("IPO") or in the open market during the period between February 17, 2000 through May 15, 2000, inclusive (the "Class Period"). 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/apropos.pdf.
The complaint charges that Apropos, a technology-driven customer-interaction management solution company, the Company's top directors and the underwriters who helped take the Company public, violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. Specifically, the complaint charges that the Registration Statement and Prospectus for the Company's IPO contained material misrepresentations and omissions regarding the role that two of the Company's co-founders -- Patrick K. Brady ("Brady") and William W. Bach ("Bach") -- played in the Company at that time. Specifically, it is alleged that the Company's Prospectus misrepresented that both Brady and Bach were active members of its executive management team and the Company's most senior officers. Brady was listed as "Chief Technology Officer" ("CTO") and Bach was listed as "Vice President, Technology" when both had stopped playing important roles within the Company months before the prospectus was issued. It is further alleged that Apropos' President and Chief Executive Officer ("CEO") Kevin G. Kerns ("Kerns") had effectively pushed Brady out of the Company after a power struggle that culminated in July 1999. Brady no longer maintained a company office, had no employees who reported to him, and had no further ongoing involvement in the daily affairs of the Company. Similarly, Kerns demoted Bach and stripped him of his managerial responsibilities and involvement in shaping the Company's core technology.
At the time of the IPO, the Company's technology and development departments were in disarray. Kerns, who took on the CTO's functions, attempted to hire a replacement for Brady before the Prospectus was issued, but was unsuccessful. Thereafter, both Brady and Bach were listed in the prospectus and falsely portrayed as active participants in the executive management of the Company and its senior technology officers. Apropos issued nearly 4 million shares of common stock, raising more than $87 million, to thousands of investors based on offering materials that falsely stated that the Company's founders who designed its key technological product were managing the Company.
If you bought Apropos common stock in the February 17, 2000 IPO or in the open market during the period between February 17, 2000 through May 15, 2000 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 31, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.