Found a way to make money on CORV.
STULL, STULL & BRODY ANNOUNCES CLASS ACTION AGAINST CORVIS CORPORATION BUSINESS EDITORS NEW YORK--(BUSINESS WIRE)--MAY 23, 2001--NOTICE IS HEREBY GIVEN THAT A CLASS ACTION LAWSUIT WAS FILED ON MAY
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NEW YORK--(BUSINESS WIRE)--May 23, 2001--Notice is hereby given
that a class action lawsuit was filed on May 23, 2001, in the United
States District Court for the Southern District of New York, on behalf
of purchasers of Corvis Corporation ("Corvis") (NASDAQ:CORV.O)
securities between July 27, 2000 and May 7, 2001 (the "Class Period").
The complaint asserts claims against defendants Corvis
Corporation, David R. Huber, Anne H. Stuart, Timothy C. Dee, Frank
Bonsal, Vinod Khosla, Frank M. Drendel, and Joseph R. Hardiman, and
Credit Suisse First Boston Corporation ("Credit Suisse"). Credit
Suisse was one of the underwriters of Corvis' initial public offering
of 31,625,000 shares of common stock at $36.00 per share that was
completed on or about July 27, 2000 (the "IPO").
The complaint charges defendants with violations of the Securities
Act of 1933 and the Securities Exchange Act of 1934 for issuing a
Registration Statement and Prospectus (the "Prospectus") that
contained materially false and misleading information and failed to
disclose material information. The Prospectus was issued in connection
with Corvis' IPO.
The complaint alleges that the Prospectus was false and misleading
because it failed to disclose (i) Credit Suisse's agreement with
certain investors to provide them with significant amounts of
restricted Corvis shares in the IPO in exchange for exorbitant and
undisclosed commissions; and (ii) the agreement between Credit Suisse
and certain of its customers whereby Credit Suisse would allocate
shares in the IPO to those customers in exchange for the customers'
agreement to purchase Corvis shares in the after-market at
pre-determined prices.
The SEC is investigating underwriting practices in connection with
several other initial public offerings, including the offerings of VA
Linux Systems, Inc., Ariba Inc. and United Parcel Service, Inc.
Plaintiff seeks to recover damages on behalf of class members and
is represented by, among others,the law firm of Stull, Stull & Brody.
Stull, Stull & Brody has litigated many class actions for violations
of securities laws in federal courts over the past 25 years and has
obtained court approval of substantial settlements on numerous
occasions.
If you bought the common stock of Corvis between July 27, 2000 and
May 7, 2001 you may, no later than July 9, 2001, request the Court
appoint you as lead plaintiff.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Tzivia Brody, Esq. at Stull, Stull &
Brody by calling toll-free 1-800-337-4983, or by e-mail at
SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull,
Stull & Brody, 6 East 45th Street, New York, NY 10017.
--30--rc/ny*
CONTACT: Stull, Stull & Brody
Tzivia Brody, Esq., 1-800-337-4983
SSBNY@aol.com
TICKERS: NASDAQ:CORV
KEYWORD: NEW YORK
INDUSTRY KEYWORD: CLASS ACTION LAWSUITS
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