CHICAGO, Dec. 19, 2001 (PRIMEZONE) -- Investors in Apropos Technology, Inc. (Nasdaq:APRS) have until the end of the month to submit a lead-plaintiff petition in a lawsuit tied to the company's initial public offering, Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The class-action lawsuit was filed November 1, 2001 in the U.S. District Court for the Northern District of Illinois as CV-01C 8406 and was assigned to Judge David H. Coar. It seeks damages for violations of federal securities laws on behalf of all investors who bought Apropos stock in its February 17, 2000 public offering or on the open market through May 15, 2000 (the Class Period). The December 31, 2001 deadline affects only those investors who wish the court to consider them as a potential lead plaintiff.
Berman DeValerio has represented investors in class actions for nearly two decades. To review the complaint and learn more about becoming a lead plaintiff, visit our Website at www.bermanesq.com.
According to the complaint, the prospectus for Apropos' February 17, 2000 offering falsely stated that co-founders Patrick K. Brady and William W. Bach were active members of its executive management team when they had stopped playing important roles within the company months before the prospectus was issued. Named as defendants are the company, its top directors and the underwriters who helped take it public.
The prospectus listed Brady as chief technology officer and Bach as vice president of technology. But Apropos President and CEO Kevin G. Kerns had effectively ousted Brady after a power struggle that culminated in July 1999. Though Brady maintained his title, he no longer had a company office or any employees who reported to him. Similarly, Kerns stripped Bach of his executive managerial responsibilities and involvement in shaping the company's core technology.
Kerns, who became the de-facto CTO, attempted to hire a replacement for Brady before the prospectus was issued, but was unsuccessful. So, Brady and Bach were listed in the prospectus as technology officers. Apropos issued nearly 4 million shares of common stock at $22 per share to thousands of investors based on offering materials that falsely stated that the founders who designed its key technological product were managing the company. Based in Oakbrook Terrace, Ill., Apropos develops, markets and supports customer management solutions for multimedia contact centers.
"As a technology company whose business plan and future success depended heavily on proprietary technology, investors considered it important that the Apropos founders -- the people who developed and patented that proprietary technology -- still believed in the company, its business and its technology," the complaint says. "Plaintiffs and the other class members have lost tens of millions of dollars as a result of these material misrepresentations and omissions in the prospectus."
If you purchased Apropos Technology, Inc. common stock during the period from February 17, 2000 to May 15, 2000, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests:
Steven D. Morris, Esq. Michael G. Lange, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
You may also visit us at our website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than December 31, 2001. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 30 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.