In re Initial Public Offering Securities Lit.
Decision Date | 19 February 2003 |
Docket Number | No. 21 MC 92(SAS).,21 MC 92(SAS). |
Citation | 241 F.Supp.2d 281 |
Parties | In re: INITIAL PUBLIC OFFERING SECURITIES LITIGATION |
Court | U.S. District Court — Southern District of New York |
Melvyn I. Weiss, Robert Wallner, Ariana J. Tadler, Milberg Weiss Bershad Hynes & Lerach LLP, New York, NY, Stanley Bernstein, Robert Berg, Bernstein Liebhard & Lifshitz, LLP, New York, NY, for Plaintiffs.
Gandolfo V. DiBlasi, Penny Shane, Sullivan & Cromwell, New York, NY, for Defendants (Underwriters).
Jack C. Auspitz, Matthew M. D'Amore, Morrison & Foerster LLP, New York, NY, for Defendants (Issuers).
Nina F. Locker, Wilson Sonsini Goodrich & Rosati PC, Palo Alto, CA, for Certain Issuer Defendants.
These cases allege a vast scheme to defraud the investing public. The scheme—characterized by Tie-in Agreements, Undisclosed Compensation, and analyst conflicts, and concealed by misrepresentations and omissions—was aimed at fraudulently driving up the price of stock in hundreds of companies in the immediate aftermarket of their initial public offerings ("IPOs"). Plaintiffs allege that investment banks routinely required substantial investors to participate in the scheme in order to receive allotments of these valuable IPOs. The companies going public and their officers profited handsomely by taking advantage of the inflated value of the stock to raise capital, enter into mergers and acquisitions, or sell...
To continue reading
Request your trial-
Malin v. Xl Capital Ltd.
...of investigation can transform information and belief-hearsay, essentially — into personal knowledge," In re Initial Pub. Offering Sec. Litig., 241 F.Supp.2d 281, 356 n. 32 (S.D.N.Y.2003), allegations based on the investigation of counsel are deemed to be made on "information and belief," a......
-
In re Worldcom, Inc. Securities Litigation
...in the law concerning Section 20(a), and this Court will not replicate their careful efforts. See, e.g., Initial Public Offering Sec. Litig., 241 F.Supp.2d 281, 392-97 (S.D.N.Y.2003); In re Livent Sec. Litig., 148 F.Supp.2d 331, 351-55 (S.D.N.Y.2001); Mishkin v. Ageloff, No. 97 Civ. 2690(LA......
-
Fezzani v. Bear, Stearns & Co., Inc.
...the integrity of the market (i.e., that they believed it was not manipulated) and resulting damages." In re Initial Public Offering Secs. Litig., 241 F.Supp.2d 281, 296 (S.D.N.Y.2003). On a market manipulation theory under section 9 a complain must allege: "(1) a series of transactions in a......
-
In re Methyl Tertiary Butyl Ether ("Mtbe")
...81 L.Ed.2d 59 (1984)). 15. Phillips v. Girdich, 408 F.3d 124, 130 (2d Cir.2005) (citations omitted). 16. In re Initial Public Offering Sec. Litig., 241 F.Supp.2d 281, 323 (S.D.N.Y.2003) (citations 17. Higgs v. Carver, 286 F.3d 437, 439 (7th Cir.2002). 18. Wynder v. McMahon, 360 F.3d 73, 79 ......
-
Table of cases
...105 Indiana Farm Bureau Coop. Ass’n, Comm. Fut. L. Rep. (CCH) ¶ 21,796 (Dec. 17, 1982), 243 In re Initial Pub. Offering Sec. Litig., 241 F. Supp. 2d 281 (S.D.N.Y. 2003), 220 Internet Law Library, Inc. v. Southridge Capital Mgmt., LLC, 223 F. Supp. 2d 474 (S.D.N.Y. 2002), 221 J Jefferson Par......
-
Market Manipulation Statutes and Rules
...in Energy Transfer , 120 F.E.R.C. at 61,458 and Amaranth , 120 F.E.R.C. at 61,431. 43 . In re Initial Pub. Offering Sec. Litig., 241 F. Supp. 2d 281, 297 (S.D.N.Y. 2003); see also CFTC v. Amaranth Advisors, LLC, 554 F. Supp. 2d 523, 534-35 (S.D.N.Y. 2008); Markowski v. SEC , 274 F.3d 525, 5......