BALA CYNWYD, Pa., Nov. 20, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of Turnstone Systems, Inc., ACLARA BioSciences, Inc., Optio Software, Inc. and Predictive Systems, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, 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 610-822-2221, fax number 610-822-0002 or by e-mail at info@sbclasslaw.com.
TURNSTONE SYSTEMS, INC. (Nasdaq:TSTN) (Class Period: 01/31/00 - 12/06/00) The complaint alleges 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 January 31, 2000, Turnstone commenced an initial public offering of 3,000,000 of its shares of common stock at an offering price of $29 per share (the "Turnstone IPO"). In connection therewith, Turnstone 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 Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Turnstone shares issued in connection with the Turnstone IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Turnstone shares to those customers in the Turnstone IPO in exchange for which the customers agreed to purchase additional Turnstone shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY. The lead plaintiff motion must be filed no later than January 11, 2002.
ACLARA BIOSCIENCES, INC. (Nasdaq:ACLA) (Class Period: 03/20/00 - 12/06/00). The complaint alleges 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 March 20, 2000, Aclara commenced an initial public offering of 9,000,000 of its shares of common stock at an offering price of $21 per share (the "Aclara IPO"). In connection therewith, Aclara 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 Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Aclara shares issued in connection with the Aclara IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Aclara shares to those customers in the Aclara IPO in exchange for which the customers agreed to purchase additional Aclara shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY. The lead plaintiff motion must be filed no later than January 14, 2002.
OPTIO SOFTWARE, INC. (Nasdaq:OPTO) (Class Period: 12/14/99 - 12/06/00). The complaint alleges 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 December 14, 1999, Optio commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $10 per share (the "Optio IPO"). In connection therewith, Optio 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 Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Optio shares issued in connection with the Optio IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Optio shares to those customers in the Optio IPO in exchange for which the customers agreed to purchase additional Optio shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY. The lead plaintiff motion must be filed no later than January 14, 2002.
PREDICTIVE SYSTEMS, INC. (Nasdaq:PRDS) (Class Period: 10/27/99 - 12/06/00). The complaint alleges 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 October 27, 1999, Predictive commenced an initial public offering of 4,000,000 of its shares of common stock at an offering price of $18 per share (the "Predictive IPO"). Subsequently, on March 30, 2000, Predictive made a public offering of 3,800,000 shares (the "Predictive Secondary Offering"). In connection with each offering, Predictive filed a registration statement, which incorporated a prospectus (collectively, the "Prospectuses"), with the SEC. The complaint further alleges that the Prospectuses were materially false and misleading because they failed to disclose, among other things, that: (i) the Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Predictive shares issued in connection with the Predictive IPO and the Predictive Secondary Offering; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Predictive shares to those customers in the Predictive IPO and the Predictive Secondary Offering in exchange for which the customers agreed to purchase additional Predictive shares in the aftermarket at pre-determined prices. The complaint was filed in the United States District Court for the Southern District of New York, located at 500 Pearl Street, New York, NY. The lead plaintiff motion must be filed no later than January 15, 2002.
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 these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.