BALA CYNWYD, Pa., Aug. 29, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of iManage, Inc., Terra Networks, S.A., Ashford.com, Inc. and Webvan Group, 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
IMANAGE, INC. (Nasdaq:IMAN) (Class Period: 11/12/99 - 12/06/00). On or about November 12, 1999, iManage commenced an initial public offering of 3,600,000 of its shares of its common stock at an offering price of $11 per share (the "iManage IPO"). In connection therewith, iManage 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 iManage shares issued in connection with the iManage IPO; and (ii) Robertson Stephens had entered into agreements with customers whereby it agreed to allocate iManage shares to those customers in the iManage IPO in exchange for which the customers agreed to purchase additional iManage 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 September 10, 2001.
TERRA NETWORKS, S.A. (Nasdaq:TRLY) (Class Period: 11/15/99 - 12/06/00). On or about November 15, 1999, Terra commenced an initial public offering of 24,929,918 of its shares, in the form of ordinary shares and American Depository Shares ("ADSs") at an offering price of $13.410 per ADS (the "Terra IPO"). In connection therewith, Terra 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 Terra shares issued in connection with the Terra IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby they agreed to allocate Terra shares to those customers in the Terra IPO in exchange for which the customers agreed to purchase additional Terra 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 September 10, 2001.
ASHFORD.COM, INC. (Nasdaq:ASFD) (Class Period: 09/22/99 - 12/06/00). On or about September 22, 1999, Ashford.com commenced an initial public offering of 6,250,000 shares of common stock at $13 per share (the "Ashford.com IPO"). In connection therewith, Ashford.com filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was false and misleading because it failed to disclose, among other things, that: (i) the Underwriter Defendants' agreement with certain investors to provide them with significant amounts of restricted Ashford.com shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement between the Underwriter Defendants and certain of its customers whereby the Underwriter Defendants would allocate shares in the IPO to those customers in exchange for the customers' agreement to purchase Ashford.com shares in the after-market 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 September 10, 2001.
WEBVAN GROUP, INC. (Nasdaq:WBVN) (Class Period: 11/04/99 - 12/06/00). On or about November 4, 1999, Webvan commenced an initial public offering of 25,000,000 of its shares of common stock at an offering price of $15 per share (the "Webvan IPO"). In connection therewith, Webvan 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) Goldman Sachs, Merrill Lynch, Robertson Stephens, Bear Stearns and Smith Barney had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs, Merrill Lynch, Robertson Stephens, Bear Stearns and Smith Barney allocated to those investors material portions of the restricted number of Webvan shares issued in connection with the Webvan IPO; and (ii) Goldman Sachs, Merrill Lynch, Robertson Stephens, Bear Stearns and Smith Barney had entered into agreements with customers whereby Goldman Sachs, Merrill Lynch, Robertson Stephens, Bear Stearns and Smith Barney agreed to allocate Webvan shares to those customers in the Webvan IPO in exchange for which the customers agreed to purchase additional Webvan 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 September 11, 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