Printer Friendly
The Free Library
22,728,960 articles and books

Law Firm Milberg Weiss Announces Class Action Lawsuit Against El Sitio, Inc.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--June 22, 2001

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol  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 June 22, 2001, on behalf of purchasers of the securities of El Sitio, Inc. ("El Sitio" 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
: LCTO LCTO Luxembourg City Tourist Office ) between December 9, 1999 and December 6, 2000, inclusive.

A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at:

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 New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, located at 500 Pearl Street, New York, NY 10007, against defendants El Sitio, 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.  Corporation ("Credit Suisse"), Lehman Brothers, Inc. ("Lehman"), Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("Merrill"), Salomon Smith Barney, Inc. ("Smith Barney"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens"), Roberto Cibrian-Campoy, Roberto Vivo-Chaneton, Horacio Milberg and Alfredo Jimenez De Arechaga.

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.

 thereunder. On or about December 9, 1999, El Sitio commenced an initial public offering of 8,200,000 of its shares of common stock at an offering price of $16 per share (the "El Sitio 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 there·with  
1. With that, this, or it.

2. In addition to that.

3. Archaic Immediately thereafter.

Adv. 1.
, El Sitio 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) Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens allocated to those investors material portions of the restricted number of El Sitio shares issued in connection with the El Sitio IPO; and (ii) Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens had entered into agreements with customers whereby Credit Suisse, Lehman, Merrill, Smith Barney and Robertson Stephens agreed to allocate El Sitio shares to those customers in the El Sitio IPO in exchange for which the customers agreed to purchase additional El Sitio shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings.

If you bought the securities of El Sitio between December 9, 1999 and December 6, 2000, you may, no later than August 7, 2001, 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 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.
. 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. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site ( has more information about the firm.

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:

Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165

Phone number: (800) 320-5081 Email: Website:
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jun 22, 2001
Previous Article:Milberg Weiss Announces The Filing Of A Class Action Suit on Behalf of Purchasers of Chronimed Inc.
Next Article:PC Connection Ranked Number 13 of Top Women-Owned Businesses.

Related Articles
Milberg Weiss Announces Class Action Against Prudential Securities Inc. and Arthur Andersen LLP.
Milberg Weiss Announces Class Action Suit Against Knight Trading Group, Inc.
Milberg Weiss Announces Class Action Suit Against, Inc.
Milberg Weiss Announces Class Action Suit Against, Inc.
Law Firm Milberg Weiss Announces Class Action Suit Against Organic, Inc.
Law Firm Milberg Weiss Announces Class Action Suit Against Organic, Inc.
Law Firm Milberg Weiss Announces Class Action Suit Against Net2000 Communications, Inc.
Milberg Weiss Announces Class Action Suit Against Network Plus Corp.
Law Firm Milberg Weiss Announces Class Action Lawsuit Against Certain of Webvan Group, Inc.'s Officers and/or Directors and Underwriters.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters