[0] Milberg Weiss Announces Class Action Suit Against Latitude Communications Inc. and Certain Underwriters of its Initial Public Offering.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--Nov. 15, 2001 The Plaintiffs' Executive Committee in In re: Initial Public Offering Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , 21 MC 92 (SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. ) announces that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed on November 15, 2001, on behalf of purchasers of the securities of Latitude Communications Inc. ("Latitude Communications" or the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : LATD) between May 6, 1999 and December 6, 2000, inclusive. A copy of the complaint filed in this action is available from the Court or can be obtained from the counsel listed below. The action is pending in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Southern District of New York, located at 500 Pearl Street, New York, NY against defendants Latitude Communications, Emil C.W. Wang (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , President and Director), Rick M. McConnell (CFO See Chief Financial Officer. ), and underwriters Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corp. and Salomon Smith Barney Inc. (the Underwriter Defendants). 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 prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. On or about May 6, 1999, Latitude Communications commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $12 per share (the "Latitude Communications IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. "). In connection therewith, Latitude Communications 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 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 Latitude Communications shares issued in connection with the Latitude Communications IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Latitude Communications shares to those customers in the Latitude Communications IPO in exchange for which the customers agreed to purchase additional Latitude Communications shares in the aftermarket at pre-determined prices. If you bought the securities of Latitude Communications between May 6, 1999 and December 6, 2000, you may, no later than January 14, 2002 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. This action is being prosecuted by the Plaintiffs' Executive Committee of In re: Initial Public Offering Securities Litigation, 21 MC 92 (SAS). By Order, dated October 12, 2001, the Honorable Shira A. Scheindlin appointed the following firms to serve as the Plaintiffs' Executive Committee: Berstein Liebhard & Lifshitz, LLP LLP - Lower Layer Protocol , Milberg Weiss Bershad Hynes & Lerach LLP, Schiffrin & Barroway LLP, Sirota & Sirota LLP, Stull, Stull & Brody and Wolf Haldenstein Adler Freeman & Herz LLP. The Plaintiffs' Executive Committee has been vested by the Court with the responsibility for the prosecution of the IPO Securities Litigation. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: CONTACT INFO Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Website: http://www.milberg.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion