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Shareholder Class Action Filed Against Palm, 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 Palm, Inc. (Nasdaq: PALM) ("Palm" or the "Company") from March 1, 2000 through December 6, 2000, inclusive (the "Class Period") against defendants Palm Inc., Goldman Sachs & Co. ("Goldman Sachs"), Morgan Stanley & Co. Inc. ("Morgan Stanley"), Merrill Lynch, Pierce, Fenner & Smith Inc. ("Merrill Lynch"), FleetBoston Robertson Stephens, Inc. ("Robertson Stephens"), Salomon Smith Barney Inc. ("Salomon Smith Barney"), Carl J. Yankowski and Judy Bruner.

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 info@sbclasslaw.com.

On or about March 1, 2000 Palm commenced an initial public offering of 23,000,000 of its shares of common stock at an offering price of $38.00 per share (the "Palm IPO"). In connection therewith, Palm 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) the Underwriter Defendants (Goldman Sachs, Morgan Stanley, Merrill Lynch, Robertson Stephens and Salomon Smith Barney) 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 Palm shares issued in connection with the Palm IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate Palm shares to those customers in the Palm IPO in exchange for which the customers agreed to purchase additional Palm shares in the aftermarket at pre-determined prices.

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 www.sbclasslaw.com.

If you are a member of the class described above, you may, not later than August 27, 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 info@sbclasslaw.com

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