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BWAY -- Breakaway Solutions, Inc.
Com ($0.000125)
Schiffrin & Barroway, LLP Announces Class Periods for Shareholder Lawsuits Against Several
Companies Who Recently Issued IPOs -- IBAS, BWAY, CPTH, MCDT
BALA CYNWYD, Pa., Aug. 16, 2001 (PRIMEZONE via COMTEX) -- Schiffrin & Barroway, LLP announced today that
it recently filed lawsuits against iBasis, Inc., Breakaway Solutions, Inc., Critical Path, Inc. and McData Corporation for
violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, you may be a member of the
class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular
lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and
interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at
888-299-7706 (toll free) or 610-667-7706, fax number 610-667-7056 or by e-mail at info@sbclasslaw.com
IBASIS, INC. (Nasdaq:IBAS) (Class Period: 11/09/99 - 12/06/00). On or about November 9, 1999, iBasis commenced
an initial public offering of 6,800,000 of its shares of common stock at an offering price of $16 per share (the "iBasis
IPO"). In connection therewith, iBasis filed a registration statement, which incorporated a prospectus (the "Prospectus"),
with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose,
among other things, that: (i) defendant had solicited and received excessive and undisclosed commissions from certain
investors in exchange for which defendant allocated to those investors material portions of the restricted number of iBasis
shares issued in connection with the iBasis IPO; and (ii) defendant had entered into agreements with customers whereby
defendant agreed to allocate iBasis shares to those customers in the iBasis IPO in exchange for which the customers
agreed to purchase additional iBasis 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. The complaint was
filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than
September 10, 2001.
BREAKAWAY SOLUTIONS, INC. (Nasdaq:BWAY) (Class Period: 10/05/99 - 12/06/00). On or about October 5,
1999, Breakaway and selling shareholders commenced an initial public offering of 3,000,000 of its shares of common
stock at an offering price of $14 per share (the "Breakaway IPO"). In connection therewith, Breakaway filed a registration
statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus
was materially false and misleading because it failed to disclose, among other things, that: (i) defendants had solicited and
received excessive and undisclosed commissions from certain investors in exchange for which defendants allocated to
those investors material portions of the restricted number of Breakaway shares issued in connection with the Breakaway
IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Breakaway
shares to those customers in the Breakaway IPO in exchange for which the customers agreed to purchase additional
Breakaway 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. The complaint was filed in the U.S. District
Court for the Southern District of New York. The lead plaintiff motion must be filed no later than September 14, 2001.
CRITICAL PATH, INC. (Nasdaq:CPTH) (Class Period: 3/29/99 - 12/06/00). On or about March 29, 1999, Critical Path
commenced an initial public offering of 4.5 million shares of common stock at $24.00 per share (the "IPO"). In
connection therewith, Critical Path filed a registration statement, which incorporated a prospectus (the 'Prospectus"), with
the SEC. The complaint alleges that the Prospectus was false and misleading because it failed to disclose, among other
things, that: (i) the Underwriter Defendants' agreement with certain investors to provide them with significant amounts of
restricted Critical Path shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement
between the Underwriter Defendants and certain of its customers whereby the Underwriter Defendants would allocate
shares in the IPO to those customers in exchange for the customers' agreement to purchase Critical Path shares in the
after-market at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New
York. The lead plaintiff motion must be filed no later than September 17, 2001.
McDATA CORPORATION (Nasdaq:MCDT) (Class Period: 8/09/00 - 12/06/00). On or about August 9, 2000, McData
commenced an initial public offering of 12,500,000 of its shares of common stock at an offering price of $28 per share
(the "McData IPO"). In connection therewith, McData filed a registration statement, which incorporated a prospectus (the
"Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it
failed to disclose, among other things, that: (i) Credit Suisse, Merrill Lynch, Bear Stearns and Robertson Stephens had
solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse,
Merrill Lynch, Bear Stearns and Robertson Stephens allocated to those investors material portions of the restricted
number of McData shares issued in connection with the McData IPO; and (ii) Credit Suisse, Merrill Lynch, Bear Stearns
and Robertson Stephens had entered into agreements with customers whereby Credit Suisse, Merrill Lynch, Bear Stearns
and Robertson Stephens agreed to allocate McData shares to those customers in the McData IPO in exchange for which
the customers agreed to purchase additional McData shares in the aftermarket at pre-determined prices. The complaint was
filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than
September 18, 2001. |
