Jun 15, 2001 : NaviSite Hit With Class-Action Lawsuit

📅 June 15, 2001 - Web hosting firm NaviSite Inc. now faces a class-action lawsuit over its 1999 IPO, according to documents filed this week.
Yesterday, the law firm of Milberg Weiss Bershad Hynes & Lerach LLP announced that a class-action lawsuit had been filed Wednesday "on behalf of purchasers of the securities of NaviSite, Inc." Specific plaintiffs were not identified.
The lawsuit alleges that the company's IPO violated SEC regulations, and names both NaviSite and IPO underwriter Robertson Stephens as defendants.
According to a release from the law firm, "[Stephens] solicited and received excessive and undisclosed commissions from certain investors," and "entered into agreements with customers whereby [Stephens] agreed to allocate NaviSite shares to those customers in the NaviSite IPO in exchange for which the customers agreed to purchase additional NaviSite shares in the aftermarket at pre-determined prices."
The lawsuit is not good news for parent company CMGI Inc. who is trying to find a buyer for NaviSite. Investment banking firm Goldman, Sachs & Co has been hired to try and find a buyer for the company.

Reads: 1416 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/navisite2615.cfm
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