BALA CYNWYD, Pa., Aug. 27, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Akamai Technologies, Inc., Sycamore Networks, Inc., Next Level Communications, Inc. and Network Plus 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) 667-7706, fax number (610) 667-7056 or by e-mail at info@sbclasslaw.com
AKAMAI TECHNOLOGIES, INC. (Nasdaq:AKAM) (Class Period: 10/28/99 - 07/30/01). On or about Oct. 28, 1999, Akamai commenced an initial public offering of 9 million of its shares of common stock at an offering price of $26 per share (the "Akamai IPO"). In connection therewith, Akamai 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 (Morgan Stanley, Salomon Smith Barney and Credit Suisse) 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 Akamai shares issued in connection with the Akamai IPO; and (ii) the underwriter defendants had entered into agreements with customers whereby they agreed to allocate Akamai shares to those customers in the Akamai IPO in exchange for which the customers agreed. 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 Aug. 31, 2001.
SYCAMORE NETWORKS, INC. (Nasdaq:SCMR) (Class Period: 10/22/99 - 06/28/01). On or about Oct. 21, 1999, Sycamore commenced an initial public offering of 7,475,000 of its shares of common stock at an offering price of $38 per share (the "Sycamore IPO"). In connection therewith, Sycamore 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 (Morgan Stanley & Co., Inc., Lehman Brothers, Inc., FleetBoston Robertson Stephens, Credit Suisse First Boston Corporation, Goldman Sachs & Co., and Merrill Lynch, Pierce, Fenner & Smith Incorporated) 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 Sycamore shares issued in connection with the Sycamore IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Sycamore shares to those customers in the Sycamore IPO in exchange for which the customers agreed to purchase additional Sycamore 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 Aug. 31, 2001.
NEXT LEVEL COMMUNICATIONS, INC. (Nasdaq:NXTV) (Class Period: 11/09/99 - 12/06/00). On or about Nov. 9, 1999, Next Level commenced an initial public offering of 8.5 million of its shares of common stock at an offering price of $20 per share (the "Next Level IPO"). In connection therewith, Next Level 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 Next Level, Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("Merrill"), Credit Suisse First Boston Corporation ("Credit Suisse"), Lehman Brothers, Inc. ("Lehman"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens"), had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Merrill, Credit Suisse, Lehman and Robertson Stephens allocated to those investors material portions of the restricted number of Next Level shares issued in connection with the Next Level IPO; and (ii) Merrill, Credit Suisse, Lehman and Robertson Stephens had entered into agreements with customers whereby Merrill, Credit Suisse, Lehman and Robertson Stephens agreed to allocate Next Level shares to those customers in the Next Level IPO in exchange for which the customers agreed to purchase additional Next Level 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 Aug. 31, 2001.
NETWORK PLUS CORP. (Nasdaq:NPLS) (Class Period: 06/30/99 - 12/06/00). On or about June 30, 1999, Network Plus commenced an initial public offering of 8 million of its shares of common stock at an offering price of $16 per share (the "Network Plus IPO"). In connection therewith, Network Plus 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) Goldman Sachs & Co. ("Goldman Sachs"), Bear Stearns & Co., Inc. ("Bear Stearns"), Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Lehman Brothers, Inc. ("Lehman Brothers") and Salomon Smith Barney, Inc. ("Smith Barney") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs, Bear Stearns, Merrill Lynch, Lehman Brothers and Smith Barney allocated to those investors material portions of the restricted number of Network Plus shares issued in connection with the Network Plus IPO; and (ii) Goldman Sachs, Bear Stearns, Merrill Lynch, Lehman Brothers and Smith Barney had entered into agreements with customers whereby Goldman Sachs, Bear Stearns, Merrill Lynch, Lehman Brothers and Smith Barney agreed to allocate Network Plus shares to those customers in the Network Plus IPO in exchange for which the customers agreed to purchase additional Network Plus 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 Sept. 3, 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.