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LITTLE ROCK, Ark., June 20 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of VerticalNet, Inc. (Nasdaq: VERT) ("VerticalNet" or the "Company") securities during the period between February 11, 1999 and December 6, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.classlawyer.com/pr/verticalnet.pdf.
The complaint charges defendants VerticalNet, Lehman Brothers, Inc. ("Lehman Brothers"), Bear Stearns & Co., Inc. ("Bear Stearns"), BancBoston Robertson Stephens ("Robertson Stephens") Mark L. Walsh, Michael J. Hagan and Gene S. Godick with 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 February 11, 1999, VerticalNet commenced an initial public offering of 3.5 million of its shares of common stock at an offering price of $16 per share (the "VerticalNet IPO"). In connection therewith, VerticalNet 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) Lehman Brothers, Bear Stearns and Robertson Stephens had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Lehman Brothers, Bear Stearns and Robertson Stephens allocated to those investors material portions of the restricted number of VerticalNet shares issued in connection with the VerticalNet IPO; and (ii) Lehman Brothers, Bear Stearns and Robertson Stephens had entered into agreements with customers whereby Lehman Brothers, Bear Stearns and Robertson Stephens agreed to allocate VerticalNet shares to those customers in the VerticalNet IPO in exchange for which the customers agreed to purchase additional VerticalNet shares in the ftermarket at pre-determined prices.
If you bought the securities of VerticalNet between February 11, 1999 and December 6, 2000, inclusive, you may, no later than August 12, 2001 request that the Court appoint you as lead plaintiff. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at http://www.classlawyer.com.
CAULEY GELLER BOWMAN &
COATES, LLP
Client Relations Department:
Jackie Addison, Sue Null or Charlie Gastineau
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
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SOURCE Cauley Geller Bowman
& Coates, LLP
Web Site: http://www.classlawyer.com/pr/verticalnet.pdf
http://www.classlawyer.com/sign_up.html
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