SAN FRANCISCO, March 7, 2003 (PRIMEZONE) -- The law office of Charles H. Jung today announced that a securities class action has been commenced on behalf of shareholders who purchased or otherwise acquired the common stock (but excluding purchasers of each company's initial public offering) of any of the following companies (collectively, the "Companies") during the following time periods (collectively, the "Class Period"): Accelerated Networks, Inc. (Nasdaq:ACCL) between June 23, 2000 and January 8, 2001, inclusive, Airspan Networks, Inc. (Nasdaq:AIRN) between July 20, 2000 and January 31, 2001, inclusive, @Road, Inc. (Nasdaq:ARDI) between September 29, 2000 and February 15, 2001, inclusive, AvantGo Inc. (Nasdaq:AVGO) between September 27, 2000 and July 24, 2001, inclusive, Autoweb.com, Inc. (Nasdaq:AWEB) between March 23, 1999 and July 20, 2000, inclusive, Bsquare Corp. (Nasdaq:BSQR) between October 20, 1999 and July 6, 2001, inclusive, CacheFlow, Inc. (Nasdaq:CFLO) between November 19, 1999 and January 31, 2001, inclusive, Clarent Corp. (Nasdaq:CLRN) between July 1, 1999 and April 19, 2001, inclusive, Commerce One, Inc. (Nasdaq:CMRC) between July 1, 1999 and April 4, 2001, inclusive, Corillian Corp. (Nasdaq:CORI) between April 12, 2000 and April 25, 2001, inclusive, Centillium Communications (Nasdaq:CTLM) between May 24, 2000 and May 11, 2001, inclusive, Digital Impact, Inc (Nasdaq:DIGI) between November 23, 1999 and January 31, 2001, inclusive, e Machines, Inc. (Nasdaq:EEEE) between March 24, 2000 and June 19, 2000, inclusive, Efficient Networks, Inc. (Nasdaq:EFNT) between July 15, 1999 and January 2, 2001, inclusive, E.piphany, Inc. (Nasdaq:EPNY) between September 22, 1999 and March 2, 2001, inclusive, Evolve Software, Inc. (Nasdaq:EVLV) between August 10, 2000 and April 24, 2001, inclusive, Handspring, Inc. (Nasdaq:HAND) between June 21, 2000 and March 27, 2001, inclusive, ImproveNet, Inc. (Nasdaq:IMPV) between March 16, 2000 and July 28, 2000, inclusive, Informatica Corp. (Nasdaq:INFA) between April 29, 1999 and July 2, 2001, inclusive, InterNAP Network Services Corp. (Nasdaq:INAP) between September 29, 1999 and March 6, 2001, inclusive, iPrint.com, Inc. (Nasdaq:IPRT) between March 8, 2000 and October 16, 2000, inclusive, Intraware (Nasdaq:ITRA) between February 26, 1999 and September 25, 2000, inclusive, InterTrust Technologies (Nasdaq:ITRU) between October 27, 1999 and June 27, 2000, inclusive, Interwoven, Inc. (Nasdaq:IWOV) between October 8, 1999 and April 18, 2001, inclusive, Luminent, Inc. (Nasdaq:LMNE) between November 10, 2000 and July 5, 2001, inclusive, Lante Corp. (Nasdaq:LNTE) between February 11, 2000 and October 3, 2000, inclusive, VA Linux Systems (Nasdaq:LNUX) between December 9, 1999 and November 6, 2000, inclusive, Lightspan Partnership Inc. (Nasdaq:LSPN) between February 10, 2000 and August 16, 2000, inclusive, McData Corp. (Nasdaq:MCDT) between August 9, 2000 and March 9, 2001, inclusive, MultiLink Technology Corp. (Nasdaq:MLTC) between June 21, 2001 and October 23, 2001, inclusive, MP3.COM Inc. (Nasdaq:MPPP) between July 21, 1999 and October 19, 2000, inclusive, Numerical Technologies (Nasdaq:NMTC) between April 7, 2000 and January 16, 2002, inclusive, New Focus Inc. (Nasdaq:NUFO) between May 18, 2000 and March 5, 2001, inclusive, Novatel Wireless Inc. (Nasdaq:NVTL) between November 16, 2000 and March 28, 2001, inclusive, Onvia.com Inc. (Nasdaq:ONVI) between March 1, 2000 and December 19, 2000, inclusive, Onyx Software Corp. (Nasdaq:ONXS) between February 12, 1999 and January 31, 2001, inclusive, Razorfish Inc. (Nasdaq:RAZF) between April 27, 1999 and October 5, 2000, inclusive, Retek Inc. (Nasdaq:RETK) between November 18, 1999 and April 19, 2001, inclusive, ScreamingMedia Inc. (Nasdaq:SCRM) between August 3, 2000 and February 8, 2001, inclusive, Silicon Image (Nasdaq:SIMG) between October 6, 1999 and October 18, 2000, inclusive, Selectica Inc. (Nasdaq:SLTC) between March 10, 2000 and March 2, 2001, inclusive, Simplex Solutions Inc. (Nasdaq:SPLX) between May 2, 2001 and October 23, 2001, inclusive, Support.com Inc. (Nasdaq:SPRT) between July 19, 2000 and April 18, 2001, inclusive, Tanning Technology Corp. (Nasdaq:TANN) between July 23, 1999 and July 5, 2000, inclusive, Tickets.com (Nasdaq:TIXX) between November 4, 1999 and June 26, 2000, inclusive, Tumbleweed Communications Corp. (Nasdaq:TMWD) between August 6, 1999 and October 18, 2000, inclusive, Triton Network Systems (Nasdaq:TNSI) between July 13, 2000 and November 14, 2000, inclusive, Viant Corp. (Nasdaq:VIAN) between June 18, 1999 and August 31, 2000, inclusive, Vitria Technology Inc. (Nasdaq:VITR) between September 17, 1999 and January 30, 2001, inclusive, and Virata Corp. (Nasdaq:VRTA) between November 17, 1999 and October 26, 2000, inclusive.
The case is pending in the United States District Court for the Southern District of Florida, Miami Division, located at 301 North Miami Avenue, Miami, Florida 33128. The case was filed on February 28, 2003 (case number of 03-20459) and is currently before Magistrate Judge Dube.
Named as defendants in the complaint are Credit Suisse First Boston Corporation, Credit Suisse First Boston, Inc., Credit Suisse First Boston-USA, Credit Suisse First Boston (the Swiss Bank), Credit Suisse Group, each of the above Companies, and the following directors, executive officers, and employees of each of these defendants: Frank Quattrone, George Boutros, William Brady, John M. Hennessy, Allen D. Wheat, Richard Thornburgh, Charles Ward, David A. DeNunzio, Edward Nadel, John Hodge, Jack Tejavanija, Eric D. Stonestrom, Joseph J. Caffarelli, Krish Panu, Thomas C. Hoster, Suresh Nihalani, Frederic T. Boyer, Richard Owen, David B. Cooper, Jr., Dean A. DeBiase, Samuel M. Hedgpeth III, William T. Baxter, Brian V. Turner, Brian M. NeSmith, Michael J. Johnson, Jerry Shaw-Yau Chang, Richard J. Heaps, Mark B. Hoffman, Peter F. Pervere, Ted F. Spooner, Steven Sipowicz, Faraj Aalaei, John W. Luhtala, William C. Park, David Oppenheimer, Stephen A. Dukker, Steven H. Miller, Mark A. Floyd, Jill S. Manning, Roger S. Siboni, Kevin J. Yeaman, John P. Bantleman, Douglas S. Sinclair, Donna L. Dubinsky, Bernard J. Whitney, Ronald B. Cooper, Richard G. Reece, Anthony C. Naughtin, Paul E. McBride, Gaurav S. Dhillon, Craig L. Klosterman, Royal P. Farros, James P. McCormick, Peter H. Jackson, Donald M. Freed, Victor Shear, Erwin N. Lenowitz, Martin Brauns, David M. Allen, William R. Spivey, Eric Blachno, C. Rudy Puryear, Brian Henry, Larry M. Augustin, Todd B. Schull, John T. Kernan, Kathleen R. McElwee, John F. McDonnell, Dee J. Perry, Richard N. Nottenburg, Eric M. Pillmore, Michael L. Robertson, Paul L. H. Ouyang, Y. C. (Buno) Pati, Richard Mora, Kenneth E. Westrick, William L. Potts, Jr., John Major, Melvin Flowers, Glenn S. Ballman, Mark T. Calvert, Brent R. Frei, Sarwat H. Ramadan, Jeffrey A. Dachis, Susan Black, John Buchanan, Gregory A. Effertz, Kevin C. Clark, David M. Obstler, David D. Lee, Daniel K. Atler, Rajen Jaswa, Stephen Bennion, Penelope A. Herscher, Luis P. Buhler, Radha R. Basu, Brian M. Beattie, Larry G. Tanning, Henry F. Skelsey, W. Thomas Gimple, John M. Markovich, Jeffrey C. Smith, Joseph C. Consul, Howard Speaks, Kenneth R. Vines, Robert L. Gett, M. Dwayne Nesmith, JoMei Chang, Paul Auvil, Charles Cotton, and Andre Vought.
The named Plaintiff is Amy Liu, whose deceased husband, using community property, purchased 2,690 shares of Commerce One securities in the open market during the Class Period. Plaintiff suffered losses of over $10,000, did not purchase the securities at the direction of Plaintiff's counsel or in order to participate in any private action arising under the federal securities laws, and has never acted as a class representative in any case brought under the federal securities laws. Plaintiff's claims are typical of the claims of the other members of the proposed Class, and she has standing to pursue all alleged claims. Plaintiff will fairly and adequately protect the interests of the members of the Class and has retained counsel competent in class and securities litigation.
The action charges that defendants violated federal and state securities, committed common law fraud, and made negligent misrepresentations by the following:
Credit Suisse First Boston Corporation and its employees (collectively hereinafter, "CSFBC") allegedly pursued a conspiracy and acted in concert with each of the Companies and their above listed employees (collectively, the "Company Defendants"), in furtherance of a common plan, scheme, or design to manipulate each Company's stock price, so that, inter alia, they could each profit from the manipulations. CSFBC was the nexus and central actor in the conspiracy, allegedly engaged in this fraudulent scheme as part of its regular course of business, and separately involved each of the Company Defendants in the alleged unlawful practices.
The alleged fraud, in its essence, has two components: First, CSFBC and each Company Defendant effectuated an initial public offering ("IPO") for each Company at a per-share offering price that was knowingly inaccurate. In addition, the sales staff of Credit Suisse First Boston and/or Credit Suisse First Boston Corporation made disclosures of the fact of the inaccuracy of the IPO pricing to only selected members of the investing public. Second, CSFBC and each Company Defendant allegedly knowingly disseminated false expectations about the Company's prospective financial performance, including false reports of the Company's expected revenues and earnings.
The fraudulent statements arose in several instances, but principally in each Company's IPO prospectus and in the research reports published by CSFBC about that Company during the class period indicated above for each Company. Each Company's IPO prospectus contained statements listing principal factors considered in determining the public offering price. These statements omitted to state the material facts of the inaccurate pricing and the sales staff disclosures indicated above.
CSFBC published research reports for each Company that contained statements discussing the forecasted revenues and earnings for that Company, including a projected income statement for that Company. These statements failed to reveal, however, the material fact that the forecasted quarterly and annual revenues were set by the Company Defendants and CSFBC with the end of creating the appearance of unpredictable revenue growth. Those statements were misleading since they purported to accurately present the objective beliefs of their authors.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than May 6, 2003 to serve as a lead plaintiff for the Class. 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of shares of the Companies listed above during the periods indicated and want to discuss your legal rights, you may e-mail or call the law office of Charles H. Jung who will, without obligation or cost to you, attempt to answer your questions. You may contact the law office of Charles H. Jung at 41 Sutter Street #1470, San Francisco, California 94104, by calling (877) 891-0342, or by email at seclaw@ureach.com.