BALA CYNWYD, Pa., Aug. 31, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Delano Technology Corporation, Digital River, Inc., Sciquest.com, Inc. and NETsilicon, 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
DELANO TECHNOLOGY CORPORATION (Nasdaq:DTEC) (Class Period: 02/08/00 - 12/06/00). On or about February 8, 2000 Delano Technology commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $18 per share (the "Delano Technology IPO"). In connection therewith, Delano Technology 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 Delano Technology shares issued in connection with the Delano Technology IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby Robertson Stephens agreed to allocate Delano Technology shares to those customers in the Delano Technology IPO in exchange for which the customers agreed to purchase additional Delano Technology 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 2, 2001.
DIGITAL RIVER, INC. (Nasdaq:DRIV) (Class Period: 08/11/98 - 12/06/00). On or about August 11, 1998, Digital River commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $8.50 per share (the "Digital River IPO"). In connection therewith, Digital River 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 Digital River shares issued in connection with the Digital River IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby The Underwriter Defendants agreed to allocate Digital River shares to those customers in the Digital River IPO in exchange for which the customers agreed to purchase additional Digital River 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 8, 2001.
SCIQUEST.COM, INC. (Nasdaq:SQST) (Class Period: 11/19/99 - 12/06/00). On or about November 19, 1999, SciQuest.com commenced an initial public offering of 7,500,000 of its shares of common stock at an offering price of $16 per share (the "SciQuest.com IPO"). In connection therewith, SciQuest.com 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 SciQuest.com shares issued in connection with the SciQuest.com IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate SciQuest.com shares to those customers in the SciQuest.com IPO in exchange for which the customers agreed to purchase additional SciQuest.com 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 8, 2001.
NETSILICON, INC. (Nasdaq:NSIL) (Class Period: 09/15/99 - 12/06/00). On or about September 15, 1999, NETsilicon commenced an initial public offering of 5,250,000 of its shares of common stock at an offering price of $7 per share (the "NETsilicon IPO"). In connection therewith, NETsilicon 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) CIBC World Markets Corp. and U.S. Bancorp Piper Jaffray, Inc. (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 NETsilicon shares issued in connection with the NETsilicon IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate NETsilicon shares to those customers in the NETsilicon IPO in exchange for which the customers agreed to purchase additional NETsilicon 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 8, 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