BALA CYNWYD, Pa., Dec. 5, 2001 (PRIMEZONE) - Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of IXL Enterprises, Inc., Ask Jeeves, Inc., Vixel Corporation and Verado Holdings, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, 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.
IXL ENTERPRISES, INC. (Nasdaq:IIXL) (Class Period: 06/02/99 - 12/06/00) The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about June 2, 1999, IXL commenced an initial public offering of 4,800,000 of its shares of common stock at an offering price of $12 per share (the "IXL IPO"). In connection therewith, IXL filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Merril Lynch, Pierce, Fenner & Smith, Incoproated; FleetBoston Robertson Stephens, Inc.; Bear Stearns & Co, Inc.; and Morgan Stanley & Co. Incorporated had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Merril Lynch, Pierce, Fenner & Smith, Incoproated; FleetBoston Robertson Stephens, Inc.; Bear Stearns & Co, Inc.; and Morgan Stanley & Co. Incorporated allocated to those investors material portions of the restricted number of IXL shares issued in connection with the IXL IPO; and (ii) Merril Lynch, Pierce, Fenner & Smith, Incoproated; FleetBoston Robertson Stephens, Inc.; Bear Stearns & Co, Inc.; and Morgan Stanley & Co. Incorporated had entered into agreements with customers whereby Merril Lynch, Pierce, Fenner & Smith, Incoproated; FleetBoston Robertson Stephens, Inc.; Bear Stearns & Co, Inc.; and Morgan Stanley & Co. Incorporated agreed to allocate IXL shares to those customers in the IXL IPO in exchange for which, the customers agreed to purchase additional IXL shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Northern District of Georgia, Atlanta Division. The lead plaintiff motion must be filed no later than December 25, 2001.
ASK JEEVES, INC. (Nasdaq:ASKJ) (Class Period: 06/30/99 - 12/06/00) The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about June 30, 1999, Ask Jeeves commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $14 per share (the "Ask Jeeves IPO"). In connection therewith, Ask Jeeves filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Morgan Stanley & Co. Incorporated and FleetBoston Robertson Stephens, Inc. had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Morgan Stanley & Co. Incorporated; and FleetBoston Robertson Stephens, Inc. allocated to those investors material portions of the restricted number of Ask Jeeves shares issued in connection with the Ask Jeeves IPO; and (ii) Morgan Stanley & Co. Incorporated and FleetBoston Robertson Stephens, Inc. had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Ask Jeeves shares to those customers in the Ask Jeeves IPO in exchange for which the customers agreed to purchase additional Ask Jeeves shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than December 25, 2001.
VIXEL CORPORATION (Nasdaq:VIXL) (Class Period: 10/01/99 - 12/06/00). The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about October 1, 1999, Vixel commenced an initial public offering of 4,300,000 of its shares of common stock at an offering price of $18 per share (the "Vixel IPO"). In connection therewith, Vixel filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) the Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Vixel shares issued in connection with the Vixel IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Vixel shares to those customers in the Vixel IPO in exchange for which the customers agreed to purchase additional Vixel shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of Texas. The lead plaintiff motion must be filed no later than January 15, 2002.
VERADO HOLDINGS, INC. (Nasdaq:VRDO) (Class Period: 03/08/00 - 12/06/00). The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about March 8, 2000, Verado commenced an initial public offering of 10,000,000 of its shares of common stock at an offering price of $17 per share (the "Verado IPO"). In connection therewith, Verado filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) the Underwriters on the offering had solicited and received excessive and undisclosed commissions from certain investors in exchange for which those Underwriters allocated to those investors material portions of the restricted number of the Verado shares issued in connection with the Verado IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Verado shares to those customers in the Verado IPO in exchange for which the customers agreed to purchase additional Verado shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY . The lead plaintiff motion must be filed no later than December 30, 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 this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca