BALTIMORE, Jan. 24, 2002 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action was commenced on or about January 24, 2002 on behalf of shareholders who acquired Digital Island, Inc. (Nasdaq:ISLD) securities between May 14, 2001 and August 30, 2001, inclusive (the Class Period).
The case is pending in the United States District Court for the District of Delaware, against corporate defendants, Digital Island, Cable & Wireless, P.L.C. and Dali Acquisition Corp., and against individual defendants, Ruan F. Ernst, CEO of Digital Island and certain members of the Digital Island board of directors during the proposed class period.
The action charges that defendants violated sections 14(a), 14(e), 14(d)(7) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14d-10 promulgated thereunder, by failing to disclose material information to those Digital Island shareholders who had received an Offer to Purchase from defendant Cable & Wireless in May and June 2001, and to those Digital Island shareholders who received a proxy statement in connection with the merger between Digital Island and Cable & Wireless (the "Proxy Statement"), which was consummated on August 30, 2001.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the class period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of a stock listed above during the period indicated and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by e-mail at hoffman@pivenlaw.com or by calling 410/986-0036.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.