BALA CYNWYD, Pa., Oct. 9, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of E-Loan, Inc., Niku Corporation, Ziff-Davis, Inc. and ONI Systems Corp. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-667-7706, fax number 610-667-7056 or by e-mail at info@sbclasslaw.com
E-LOAN, INC. (Nasdaq:EELN) (Class Period: 06/28/99 - 12/06/00). On or about June 28, 1999, E-LOAN commenced an initial public offering of 3,500,000 of its shares of common stock at an offering price of $14 per share (the "E-LOAN IPO"). In connection therewith, E-LOAN 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) Goldman Sachs, Robertson Stephens and Merrill Lynch had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman Sachs, Robertson Stephens and Merrill Lynch allocated to those investors material portions of the restricted number of E-LOAN shares issued in connection with the E-LOAN IPO; and (ii) Goldman Sachs, Robertson Stephens and Merrill Lynch had entered into agreements with customers whereby Goldman Sachs, Robertson Stephens and Merrill Lynch agreed to allocate E-LOAN shares to those customers in the E-LOAN IPO in exchange for which the customers agreed to purchase additional E-LOAN shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than October 12, 2001.
NIKU CORPORATION (Nasdaq:NIKU) (Class Period: 02/28/00 - 12/06/00). On or about February 28, 2000, Niku commenced an initial public offering of 8,000,000 of its shares of common stock at an offering price of $24 per share (the "Niku IPO"). In connection therewith, Niku 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) Goldman, Bear Stearns and Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman, Bear Stearns and Robertson Stephens allocated to those investors material portions of the restricted number of Niku shares issued in connection with the Niku Corp. IPO; and (ii) Goldman, Bear Stearns and Robertson Stephens had entered into agreements with customers whereby Goldman, Bear Stearns and Robertson Stephens agreed to allocate Niku shares to those customers in the Niku IPO in exchange for which the customers agreed to purchase additional Niku shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than October 12, 2001.
ZIFF-DAVIS, INC. (NYSE:ZDZ) (Class Period: 03/30/99 - 12/12/00). On or about March 30, 1999, Ziff-Davis commenced an initial public offering of 8,000,000 of its shares of common stock at an offering price of $19.00 per share (the "Ziff-Davis IPO"). In connection therewith, Ziff-Davis 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) Goldman Sachs' agreement with certain investors to provide them with significant amounts of restricted Ziff-Davis shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement between Goldman Sachs and certain of its customers whereby Goldman Sachs would allocate shares in the IPO to those customers in exchange for the customers' agreement to purchase Ziff-Davis shares in the after-market at pre-determined prices. As alleged in the complaint, the Securities and Exchange Commission and the U.S. Attorneys' Office are investigating underwriting practices in connection with numerous initial public offerings commenced in 1999 and 2000. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than October 15, 2001.
ONI SYSTEMS CORP. (Nasdaq:ONIS) (Class Period: 05/31/00 - 12/06/00). On or about May 31, 2000, ONI commenced an initial public offering of 8,000,000 of its shares of common stock at an offering price of $25.00 per share (the "ONI IPO"). In connection therewith, ONI 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 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 ONI shares issued in connection with the ONI IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby the Underwriter Defendants agreed to allocate ONI shares to those customers in the ONI IPO in exchange for which the customers agreed to purchase additional ONI shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than October 23, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors.
If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at 888-299-7706.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca