Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action Suit Against Digital Island, Inc.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--Jan. 24, 2002 Wolf Haldenstein Adler Freeman & Herz LLP LLP - Lower Layer Protocol has commenced 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 in the United States District Court for the District of Delaware The United States District Court for the District of Delaware is the Federal district court having jurisdiction over the entire state of Delaware. The Court sits in Wilmington. Currently, three judges and two magistrate judges preside over the court. on behalf of holders of Digital Island, Inc. ("Digital Island" or the "Company") (NASDQ: ISLD ISLD International Society for Lasers in Dentistry ISLD Island ECN, Inc. (stock symbol) ) common stock between May 14, 2001 and August 30, 2001 (the "Class Period"), inclusive, against corporate defendants Digital Island, Cable & Wireless P.L.C., Dali Acquisition Corp., and individual defendants Ruan F. Ernst, 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. of Digital Island and the members of the Digital Island board of directors during the Class Period. The case name and index number are Abrams v. Digital Island, Inc., Civ. 02-057. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com. The Complaint alleges 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 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, 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 Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. in connection with the merger between Digital Island and Cable & Wireless (the "Proxy Statement"), which was consummated on August 30, 2001. In particular, defendants failed to disclose important contracts between Digital Island and Bloomberg, LLP, and Digital Island and Major League Baseball's Internet media. Those contracts were not disclosed either in the Offer to Purchase or the Proxy Statement. Defendants also violated the all-holders provision of the Williams Act The Williams Act of 1968 amended the Securities and Exchange Act of 1934 (15 U.S.C.A. § 78a et seq.) to require mandatory disclosure of information regarding cash tender offers. by giving additional consideration to directors and officers of Digital Island, who were also shareholders, in excess of that given to other Digital Island shareholders as an inducement to support Cable & Wireless' Offer to Purchase. Plaintiffs seek to recover damages on behalf of all those who received the Offer to Purchase and/or the Proxy Statement. If you received the Offer to Purchase and/or the Proxy Statement, you may wish to join in the action to serve as lead plaintiff. If you received the Offer to Purchase and/or the Proxy Statement, you may, no later than March 25, 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 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 plaintiffs." 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New Jersey, 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, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, 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 , New York 10016, by telephone at (800) 575-0735 (Jeffrey G. Smith, Esq., Roberts Abrams, Esq., Michael Miske, George Peters, or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at http://www.whafh.com. Your e-mail should refer to Digital Island. |
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