NEW YORK, Oct. 3 /PRNewswire/ -- There is currently pending in the United
States District Court for the Southern District of New York an action
captioned In re: PSI Technologies Holdings, Inc. Securities Litigation, as
part of the Initial Public Offering Securities Litigation, 21 MC 92 (SAS). The
action has been brought as a class action on behalf of purchasers of the
common stock of PSI Technologies Holdings, Inc. (Nasdaq: PSNO, PSITF) ("PSI
Technologies" or the "Company") between March 16, 2000 and December 6, 2000,
inclusive. By Order dated October 12, 2001, the Honorable Shira A. Scheindlin
appointed the following firms to serve as the Plaintiffs' Executive Committee:
Milberg Weiss Bershad Hynes & Lerach LLP, Bernstein Liebhard & Lifshitz, LLP,
Schiffrin & Barroway LLP, Sirota & Sirota LLP, Stull, Stull & Brody and Wolf
Haldenstein Adler Freeman & Herz LLP. The Plaintiffs' Executive Committee has
been vested by the Court with the responsibility for the prosecution of the
IPO Securities Litigation. A copy of the complaint filed in this action is
available on a website maintained by the Plaintiffs' Executive Committee, at:
http://www.iposecuritieslitigation.com, or by contacting any of the Executive
Committee firms.
The Court has granted the Executive Committee until October 17, 2003, in
which to propose a class representative in this action. If you purchased the
common stock of PSI Technologies during the period March 16, 2000 through
December 6, 2000, inclusive, and are interested in serving as a class
representative or have questions about the case, please contact Gustavo
Bruckner, Esq. or Derek Behnke of Wolf Haldenstein Adler Freeman & Herz, LLP
at (212) 545-4600 or (800) 575-0735 immediately.
The complaint alleges violations of the federal securities laws. On or
about March 16, 2000, PSI Technologies commenced an initial public offering of
3,600,000 of its American Depositary Shares ("Shares") at an offering price of
$14 per share (the "PSI Technologies IPO"). In connection therewith, PSI
Technologies filed with the SEC a registration statement, which incorporated a
prospectus (the "Prospectus"). 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 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 PSI Technologies shares issued in connection with the
PSI Technologies IPO; and (ii) the Underwriter Defendants had entered into
agreements with customers whereby the Underwriter Defendants agreed to sell
PSI Technologies shares to those customers in the PSI Technologies IPO in
exchange for which the customers agreed to purchase additional PSI
Technologies shares in the aftermarket with the intention to artificially
increase the price of the stock. In addition, the complaint alleges that
certain of the Underwriter Defendants improperly utilized their analysts, who
were compromised by undisclosed conflicts of interest, to artificially inflate
or maintain the price of PSI Technologies Shares.
If you bought the Shares of PSI Technologies.com between March 16, 2000
and December 6, 2000, inclusive, and are willing to represent a class of
similarly situated investors, please contact Gustavo Bruckner, Esq. or Derek
Behnke of Wolf Haldenstein Adler Freeman & Herz, LLP at (212) 545-4600 or
(800) 575-0735 immediately.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
 back to top
Related links:
http://www.whafh.com
http://www.iposecuritieslitigation.com
CONTACT:
Gustavo Bruckner, Esq. or Derek Behnke, both
of Wolf Haldenstein Adler Freeman & Herz, LLP, +1-212-545-4600 or
1-800-575-0735
|
