Welcome to the Initial Public Offering
Securities Litigation Website.

This website attempts to provide you with access to certain information and materials regarding the substantive allegations in and the procedural status of the IPO Securities Litigation at any given time which you may find helpful. This website is updated periodically, but may not contain the most current information about the case. This website was most recently updated on December 6, 2007.

Beginning in late 2000, actions were brought against various issuers and underwriters alleging illegalities in connection with the initial public offerings (IPOs) of securities by those issuers that allegedly manipulated the price of those securities and caused the securities to trade at artificially inflated prices. Ultimately, 309 separate class actions involving 309 separate issuers alleging violations of the federal securities laws against the respective issuers, certain officers and directors and certain underwriters which participated in the underwriting syndicates were coordinated for pretrial purposes before one judge, Judge Shira A. Scheindlin, in the United States District Court for the Southern District of New York. Although each of the 309 cases is a distinct class action bearing its own separate caption and case number, the cases are collectively coordinated and litigated for pretrial purposes under the caption: In re IPO Securities Litigation, 21 MC 92 (SAS).

Since the commencement of the actions in this litigation, the parties have engaged in extensive motion practice and discovery. Notwithstanding previous reports of a proposed partial settlement which had been reached in 2005 with the Issuer Defendants, that settlement has since been withdrawn by the parties and is therefore now a nullity. The case continues to be aggressively litigated by all parties.

Most recently, plaintiffs filed Second Amended Complaints in 6 cases (denoted with an asterisk under the "Amended Complaints" link) and filed a renewed motion for class certification, taking into account and seeking to address the conclusions of the United States Court of the Appeals for the Second Circuit vacating the district court's prior ruling certifying the classes in those 6 cases. At this time, the defendants in those cases are challenging the sufficiency of the complaints in their recently filed motions to dismiss and opposing plaintiffs' motion for class certification. Briefing on those motions and discovery is ongoing and is expected to continue through at least early 2008.

The Court has appointed a Plaintiffs' Executive Committee to manage and supervise the litigation on behalf of the plaintiffs in these actions. The members of the Plaintiffs' Executive Committee include: Bernstein Liebhard & Lifshitz LLP, Milberg LLP, Schiffrin, Barroway, Topaz and Kessler LLP, Stull Stull & Brody LLP, Wolf Haldenstein Adler & Herz LLP and Sirota & Sirota LLP. Contact information for these firms can be found at the Contact Plaintiffs' Counsel link on this website.

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 Briefs and Court Documents, Amended Complaints and Case Documents, for which you will find links on this website.

The previously noticed Issuer Settlement has been withdrawn.