CURRENT INFORMATION YOU SHOULD KNOW ABOUT
THE IPO SETTLEMENT

Judge Scheindlin has entered an Opinion and Order, dated October 5, 2009, which approved the Settlement, Plan of Allocation and Class Certification, and awarded Plaintiffs' Counsel fees and expenses and made PSLRA Awards to certain of the Lead Plaintiffs and Class Representatives. Notices of Appeal have been filed with respect to that Opinion and Order. It is not possible to know at this time whether the persons who filed Notices of Appeal will pursue the appeals, or if they will appeal any of the Orders and Final Judgments in the underlying Actions, nor what effect, if any, those appeals may have on the Settlement.

Individual Orders and Final Judgments are being entered with respect to each underlying Action.

The deadline for submitting Proofs of Claim was December 10, 2009. Any Proofs of Claim (except with respect to the Net2Phone, Inc. Action, noted below) submitted after December 10, 2009 are subject to rejection for un-timeliness. If you wish to submit a Proof of Claim after December 10, 2009 it should be accompanied by a statement showing good cause for the late submission. It is in the discretion of the Court whether or not to accept any late claims.

Note, due to an error in the Notice concerning the beginning date of the Class Period in the Net2Phone, Inc. Action, the Court has extended the time to object, request exclusion or submit a Proof of Claim for those persons who purchased Net2Phone, Inc. common stock on July 29, 1999. If you purchased Net2Phone, Inc. common stock on July 29, 1999, then the time for you to object, request exclusion or submit a claim has been extended to January 11, 2010. Click on the link in Yellow saying "NET2PHONE SUPPLEMENTAL NOTICE RE: CLASS PERIOD" appearing on the left side of this page for more information concerning the rights of those who purchased Net2Phone, Inc. common stock on July 29, 1999.

WELCOME TO THE INITIAL PUBLIC OFFERING
SECURITIES LITIGATION WEBSITE

The Stipulation and Agreement of Settlement (“Settlement Agreement”) resolves 309 actions ("The Actions") alleging that the underwriters of hundreds of initial public offerings ("IPOs") improperly required or induced certain investors in those IPOs to purchase additional shares in the aftermarket, often at inflated prices, and to pay the underwriters excessive, undisclosed compensation. Additionally, stock analysts employed by the underwriters allegedly had undisclosed conflicts of interest and prepared analyst reports that contained inaccurate information and recommendations. The Plaintiffs alleged that these undisclosed and manipulative activities caused investors to pay artificially inflated prices and sustain damages.

The Settlement Agreement provides a total of $586 Million in cash in exchange for the settlement and dismissal of all of the Actions.

The class consists of all persons and entities who purchased or otherwise acquired certain securities during particular time periods. The relevant securities and time periods are listed in Schedule 1. (NOTE: In the Net2Phone, Inc. Action, the Class Period actually started on July 29, 1999).

The Notice set forth Class Members' rights and the procedures that were required to be followed in order to submit a valid proof of claim, request exclusion from the class or object to the Settlement Agreement, among other information.

For additional information about the Litigation and the proposed Settlement Agreement, please click on the tabs on the left side of this page.

Important Dates

  • The time for persons who purchased Net2Phone, Inc. common stock on July 29, 1999, to object, request exclusion or submit a claim has been extended to January 11, 2010.

Questions? Call toll-free 1-800-916-6946 or E-Mail Questions@IpoSecuritiesLitigation.com



NOTE: This website is being provided as a service to potential class members. The information provided is in summary form and is not intended as a complete explanation of your rights, nor does it serve to provide legal or professional advice. To become more informed about the Litigation, you are directed to review carefully the legal documents linked to the tabs on the left side of this page.