AMAZING!!-->"Morgan Stanley had entered into agreements with customers whereby Morgan Stanley agreed to allocate Ariba shares to those customers in the Ariba IPO in exchange for which the customers agreed to purchase additional Ariba shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings."
Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Ariba, Inc.
LITTLE ROCK, Arkansas--(BUSINESS WIRE)--April 2, 2001--
Seeking Damages On Behalf of Shareholders
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 the securities of Ariba, Inc. (Nasdaq:ARBA) ("Ariba" or the "Company") between June 23, 1999 and December 23, 1999, inclusive (the "Class Period").
The complaint alleges 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 June 23, 1999, Ariba commenced an initial public offering of 5 million of its shares of common stock at an offering price of $23 per share (the "Ariba IPO"). In connection therewith, Ariba 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) Morgan Stanley had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Morgan Stanley allocated to those investors material portions of the restricted number of Ariba shares issued in connection with the Ariba IPO; and (ii) Morgan Stanley had entered into agreements with customers whereby Morgan Stanley agreed to allocate Ariba shares to those customers in the Ariba IPO in exchange for which the customers agreed to purchase additional Ariba shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings.
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 must meet certain requirements and take appropriate action by May 21, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Client Relations Department:
Sue Null, Charlie Gastineau or Jackie Addison
P.O. Box 25438
Little Rock, AR 72221
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
BW2979 APR 02,2001
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