Glenn, its just not you. I'd love to own the law firm who defends Morgan Stanley.
Btw
I'm a witness in this probe, and I can discuss it publicly.
>PHILADELPHIA, May 25, 2001 /PRNewswire via COMTEX/ -- A class action lawsuit was filed on in the United States District Court for the Southern District of New York, on behalf all persons who purchased the common stock of Avici Systems, Inc. (Nasdaq: AVCI chart, msgs) between July 28, 2000 and April 20, 2001 against Avici Systems Inc., Morgan Stanley & Co., Inc., Surya R. Panditi and Paul F. Brauneis.
The complaint alleges that, Avici's July 24, 2000 Registration Statement, its July 28, 2000 Prospectus filed with the SEC in connection with its initial public offering of 7 million shares of Avici common stock, contained material misrepresentations and/or omissions in violation of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The misrepresentations and/or omissions alleged in the complaint detail hidden, inflated commissions paid to Morgan that were not disclosed in Avici's offering materials. Specifically, the complaint alleges that Morgan obtained excessive and undisclosed commissions from certain investors in exchange for preferential allocations of restricted Avici shares issued in the offering, and further, that Morgan also entered into buyback agreements with customers whereby Morgan allocated Avici shares in return for the customers' agreements to purchase additional Avici shares in the aftermarket at pre-determined prices, also known as "tie-in arrangements." |
