CURRENT INFORMATION YOU SHOULD KNOW ABOUT On October 5, 2009, Judge Scheindlin entered an Opinion and Order approving 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. A number of Appeals have been filed with respect to that Opinion and Order. Although some Appeals have been withdrawn or dismissed, there are still unresolved Appeals which prevent the Settlements from becoming "Final," Unless and until the Settlements become "Final," no distribution can be made to any Class Members. It is not possible to know at this time what effect, if any, the remaining Appeals may have on the Settlement. The deadline for submitting Proofs of Claim was December 10, 2009. Any new Proofs of Claim are subject to rejection for un-timeliness. If you wish to submit a new Proof of Claim it must be accompanied by a statement showing good cause for the late submission. It is within the discretion of the Court whether or not to accept any late claims. |
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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.
Questions? Call toll-free 1-800-916-6946 or E-Mail Questions@IpoSecuritiesLitigation.com
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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.