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Digital Insight Corporation Conclusion: Other actions have been filed making similar allegations regarding the IPOs of more than 300 other companies. All of these have been coordinated for pretrial purposes as In re Initial Public Offering Securities Litigation, Civil Action No. 21-MC-92.
According to a Press Release dated December 14, 2001, 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 30, 1999, Digital Insight commenced an initial public offering of 3,500,000 of its shares of common stock at an offering price of $15 per share (the "Digital Insight IPO"). In connection therewith, Digital Insight 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 underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the underwriters allocated to those investors material portions of the restricted number of Digital Insight shares issued in connection with the Digital Insight IPO; and (ii) the underwriters had entered into agreements with customers whereby the underwriters agreed to allocate Digital Insight shares to those customers in the Digital Insight IPO in exchange for which the customers agreed to purchase additional Digital Insight shares in the aftermarket at pre-determined prices.
INDUSTRY CLASSIFICATION:
SIC Code: 7375
Sector: Technology
Industry: Computer Services
| COMPANY/ISSUER NAME: | Digital Insight Corporation |
| COMPANY/ISSUER TICKER: | DGIN |
| COMPANY WEBSITE: | http://www.digitalinsight.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert M. Wright, et al., v. Digital Insight Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Type: | Date on the document: | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re Digital Insight Corp. Initial Public Offering Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 04/19/2002 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 02/04/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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