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Shareholder Class Action Filed Against Next Level Communications, Inc. By the Law Firm of Schiffrin & Barroway, LLP.

BALA CYNWYD, Pa., July 10 /PRNewswire/ --

The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY 10007 on behalf of all purchasers of the common stock of Next Level Communications, Inc. (Nasdaq: NXTV) ("Next Level" or the "Company") from November 9, 1999 through December 6, 2000, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at

On or about November 9, 1999, Next Level commenced an initial public offering of 8,500,000 of its shares of common stock at an offering price of $20 per share (the "Next Level IPO"). In connection therewith, Next Level 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) defendants Next Level, Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("Merrill"), Credit Suisse First Boston Corporation ("Credit Suisse"), Lehman Brothers, Inc. ("Lehman"), BancBoston Robertson Stephens, Inc. ("Robertson Stephens"), had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Merrill, Credit Suisse, Lehman and Robertson Stephens allocated to those investors material portions of the restricted number of Next Level shares issued in connection with the Next Level IPO; and (ii) Merrill, Credit Suisse, Lehman and Robertson Stephens had entered into agreements with customers whereby Merrill, Credit Suisse, Lehman and Robertson Stephens agreed to allocate Next Level shares to those customers in the Next Level IPO in exchange for which the customers agreed to purchase additional Next Level 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.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit

If you are a member of the class described above, you may, not later than August 31, 2001, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

CONTACT: Schiffrin & Barroway, LLP

Marc A. Topaz, Esq.

Stuart L. Berman, Esq.

Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004

1-888-299-7706 (toll free) or 1-610-667-7706

Or by e-mail at

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