Law Firm Milberg Weiss Announces Class Action Suit Against InterNAP Network Services Corporation.
Business Wire, July 3, 2001 p2347
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Business Editors & Legal Writers
NEW YORK--(BUSINESS WIRE)--July 3, 2001
The following is an announcement by the law firm of Milberg Weiss Bershad Hynes & Lerach LLP:
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on July 3, 2001, on behalf of purchasers of the
securities of InterNAP Network Services Corporation ("InterNAP" or the "Company") (NASDAQ: INAP) between September 29,1999 and December 6,
2000, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at:
milberg.com
The action alleges the following as defendants: InterNAP, Morgan Stanley & Co. Inc., Credit Suisse First Boston Corp., BancBoston Robertson Stephens
Inc., Merrill Lynch, Pierce Fenner & Smith Inc., Anthony C. Naughtin, Paul E. McBride, and Eugene Eidenberg, and is pending in the United States District
Court, Southern District of New York, located at 500 Pearl Street, New York, NY 10007.
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 or about September 29,1999 InterNAP commenced an initial public offering of 9,500,000 of its shares of common
stock at an offering price of $20 per share (the "InterNAP IPO"). In connection therewith, InterNAP 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) the Underwriter Defendants (Morgan Stanley, Credit Suisse, Robertson Stephens, and Merrill Lynch) had solicited and
received excessive and undisclosed commissions from certain investors in exchange for which the Underwriter Defendants allocated to those investors
material portions of the restricted number of InterNAP shares issued in connection with the InterNAP IPO; and (ii) the Underwriter Defendants had entered
into agreements with customers whereby the Underwriter Defendants agreed to allocate InterNAP shares to those customers in the InterNAP IPO in
exchange for which the customers agreed to purchase additional InterNAP shares in the aftermarket at pre-determined prices.
If you bought the securities of InterNAP between September 29, 1999 and December 6, 2000, you may, no later than September 3, 2001 request that the
Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member
will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP,
or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle
and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in
many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations,
and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information
about the firm.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the
following attorneys:
Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165
Phone number: (800) 320-5081 Email: internapcase@milbergNY.com Website: milberg.com
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