NEW YORK, May 15, 2003 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the United States District Court for the Southern District of New York, case number 03 CV 3470, against Lehman Brothers Inc. ("Lehman") and its senior technology analyst, Michael E. Stanek ("Stanek"), on behalf of investors who purchased the common stock of RealNetworks, Inc. ("RealNetworks" or the "Company") (Nasdaq:RNWK) during the period from July 1, 1999 through June 30, 2001, inclusive (the "Class Period").
The lawsuit charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading analyst reports on RealNetworks, a global provider of software products and services for internet media delivery, in a bid to win or maintain lucrative banking and advisory work from the Company. As a result of defendants' false and misleading statements, the market price of RealNetworks common stock was artificially inflated, maintained or stabilized during the Class Period.
On or about April 28, 2003, the United States Securities and Exchange Commission ("SEC") issued a complaint charging Lehman with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE"), by issuing false and misleading analyst reports on numerous companies, including RealNetworks. The complaint describes the influence and control exerted by Lehman's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on RealNetworks issued by defendants to the public were contrary to defendants' more negative assessments of the Company's true value and prospects. Lehman eventually settled these charges for the payment of $50 million.
If you purchased the common stock of RealNetworks during the Class Period, you have until July 14, 2003 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York, Chicago and Washington D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca