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Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Portal Software, Inc. Seeking Damages on Behalf of Investors.

LITTLE ROCK, Ark., July 10 /PRNewswire/ --

The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Portal Software, Inc. (Nasdaq: PRSF) ("Portal Software" or the "Company") securities during the period between May 5, 1999 and December 6, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at

The complaint charges defendants Portal Software, Goldman Sachs & Co. ("Goldman Sachs"), Credit Suisse First Boston corporation ("Credit Suisse"), BancBoston Robertson Stephens ("Robertson Stephens"), John E. Little and Jack L. Acosta with 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 thereunder. On or about May 5, 1999, Portal Software commenced an initial public offering of 4 million of its shares of common stock at an offering price of $14 per share (the "Portal Software IPO"). In connection therewith, Portal Software 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 (Goldman Sachs, Credit Suisse and Robertson Stephens) 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 Portal Software shares issued in connection with the Portal Software IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Portal Software shares to those customers in the Portal Software IPO in exchange for which the customers agreed to purchase additional Portal Software shares in the aftermarket at pre-determined prices.

If you bought the securities of Portal Software between May 5, 1999 and December 6, 2000, inclusive, you may, no later than September 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. 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 Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at

Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at


Client Relations Department:

Jackie Addison, Sue Null or Charlie Gastineau

P.O. Box 25438

Little Rock, AR 72221-5438

Toll Free: 1-888-551-9944


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Publication:PR Newswire
Geographic Code:1USA
Date:Jul 10, 2001
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