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Biotech / Medical : Diversa Corporation (DVSA)
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To: nigel bates who wrote (68)12/16/2002 7:28:05 PM
From: tuck  Read Replies (1) of 144
 
>>WASHINGTON (Dow Jones)--A lawsuit was filed on behalf of shareholders against Diversa Corp. (NasdaqNM:DVSA - News) , its chairman, two of its executives and the underwriters of its initial public offering, according to a Form 8-K filed Monday with the Securities and Exchange Commission.
The plaintiffs allege that in connection with Diversa's IPO on Feb. 14, 2000, its underwriters conditioned share allocations on customers agreeing to purchase additional shares in the aftermarket at prearranged prices or paying the underwriters "excessive and undisclosed" compensation.

The compensation represented a "material portion of the customers' profits" from aftermarket sales of their initial public offering share allocations, the complaint said.

The plaintiffs allege that failing to disclose these alleged arrangements made Diversa's registration statement for its IPO and the related prospectus " materially false and misleading."

The plaintiffs seek unspecified damages.

Diversa said it strongly denies any liability in connection with this lawsuit and it intends to vigorously defend itself.

The lawsuit was filed Dec. 6 in the U.S. District Court for the Southern District of New York on behalf of purchasers of Diversa's common stock between Feb. 14 and Dec. 6, 2000.<<

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Cheers, Tuck
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