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Radware Ltd. Summary: According to a Press Release dated 12/06/2001, the action claims Radware and certain of its officers violated the US federal securities laws by issuing and selling Radware common stock pursuant to Radware's IPO and a secondary offering without disclosing to investors that several of the underwriters of the Radware IPO had received excessive and undisclosed commissions from certain investors. The complaint alleges that in exchange for the excessive commissions, the underwriters allocated shares to certain investors at the IPO price of $18 per share. In order to purchase the shares at $18, the underwriters' customers had to agree to purchase further shares in the aftermarket at progressively higher prices. The practice, known in Wall Street as 'laddering,' drove Radware's share price up to artificially high levels, giving both the underwriters and their customers enormous profits. During the first day of trading alone the share price rose as high as $49 from the $18 IPO price. In early trading yesterday Radware was at $11.18, 49.6% lower compared to the year earlier. The underwriters involved include Salomon Smith Barney, Inc., US Bancorp Piper Jaffray, Inc., Bank of America Corporation (Banc of America Securities LLC), FleetBoston Robertson Stephens, Inc., The Goldman Sachs Group, Inc. and SunTrust Capital Markets, Inc. (SunTrust Robinson Humphrey Capital Markets).
INDUSTRY CLASSIFICATION:
SIC Code: 7389
Sector: Technology
Industry: Computer Hardware
| COMPANY/ISSUER NAME: | Radware Ltd. |
| COMPANY/ISSUER TICKER: | RDWR |
| COMPANY WEBSITE: | http://www.radware.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Abraham Kassin, et al. v. Radware Ltd., et al. | |||||||||||||||||
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REFERENCE COMPLAINT | |||||||||||||||||
| In Re Radware Ltd. 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 | ||
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