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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (22397)	5/11/2001 11:34:23 AM
From: Softechie	Read Replies (1) \| Respond to of 37746

CORV Got hit with lawsuit. DJ Suit Filed Vs Corvis Corp, Credit Suisse First Boston 10 May 12:57 (MORE) DOW JONES NEWS 05-10-01 12:57 PM DJ Corvis Corp Suit -2: Says Credit Suisse Got Commissions 10 May 13:32 NEW YORK (Dow Jones)--Shareholders filed a lawsuit seeking class action status against Corvis Corp. (CORV) and Credit Suisse First Boston Corp. (Z.CSF) regarding Corvis' initial public offering. The shareholders suggest that the telecommunications company, which makes switching and routing equipment, misrepresented and/or omitted inflated commissions paid to Credit Suisse First Boston, said shareholder attorneys Stamell & Schager LLP in a press release Thursday. Specifically, the complaint alleges that Credit Suisse obtained excessive and undisclosed commissions from certain investors in exchange for preferential allocations of restricted Corvis shares issued in the offering. It also alleged Credit Suisse entered into buyback agreements with customers in which Credit Suisse allocated Corvis shares in return for the customers' agreements to purchase additional Corvis shares in the aftermarket at pre-determined prices. Corvis officials weren't immediately available for comment. Shares of Corvis, which had its initial offering in July of last year, recently traded at $7.51, down 9 cents, or 1.2%, on Nasdaq volume of 2.53 million shares. Average daily volume is 8.33 million shares. The shares were priced at $36 each in the initial offering. Maria P. Vallejo; Dow Jones Newswires; 201-938-5400 (END) DOW JONES NEWS 05-10-01 01:32 PM DJ Deutsche Banc Starts Corvis At Buy ¨ 11 May 09:33 (END) DOW JONES NEWS 05-11-01 09:33 AM