Case Page

 

Case Status:    DISMISSED    
On or around 05/15/2002 (Date of order of final judgment)

Filing Date: March 23, 2001

According to the docket posted, on May 15, 2002, the Court entered the Order signed by U.S. District Judge Susan Illston granting the motions to dismiss the complaint. Further that day, the Court entered Judgment, and the case was closed.

On January 23, 2002, the Court entered the Order granting the motion of appoint lead plaintiffs and lead counsel. Radiant Advisers LLC and Frank E. Scott were appointed as Lead Plaintiffs, and Bernstein, Liebhard & Lifschitz, LLP Schiffrin & Barroway, LLP and Weiss & Yourman were appointed as Lead Counsel. On February 8, 2000, the plaintiffs filed a First Amended Complaint against all the defendants. The defendants responded by filing motions to dismiss on March 1, 2002.

In August 2001, the case was transferred from the U.S. District for the Southern District of New York to the U.S. District for the Northern District of California.

The original complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus (collectively, the Prospectus) in connection with Iasiaworks initial public offering (IPO) in August 2000. Specifically, the Prospectus misleadingly stated that the proceeds that would be raised from the IPO would be sufficient to fund several of the Company's needs for at least nine months, including the establishment of the first three large-scale Internet Data Centers needed to augment the small-scale centers then in existence. On November 27, 2000, the last day of the Class Period, defendants issued a press release indicating that it would be building data centers that were much larger than described in the Prospectus and at a much greater cost, so much so that the Company would be forced to borrow additional money to complete the project. The market's reaction to this announcement was swift and punitive. From a closing price of $7.81 on November 24, 2000, the stock slid to $6 3/8 on November 27, 2000, and to $4 7/16 on November 28, 2000, representing a 43% drops in just two days.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IAWK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 01-CV-02484
JUDGE: Hon. lvin K. Hellerstein
DATE FILED: 03/23/2001
CLASS PERIOD START: 08/03/2000
CLASS PERIOD END: 11/27/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Paskowitz
    The Lincoln Building 60 East 42nd St., 47th Fl.,, Abraham & Paskowitz, NY 10165
    212.692.0555 212.557.6151 · info@ClassActionsOnline.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  4. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  6. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 01-CV-03224
JUDGE: Hon. lvin K. Hellerstein
DATE FILED: 02/08/2002
CLASS PERIOD START: 08/03/2000
CLASS PERIOD END: 11/27/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Paskowitz
    The Lincoln Building 60 East 42nd St., 47th Fl.,, Abraham & Paskowitz, NY 10165
    212.692.0555 212.557.6151 · info@ClassActionsOnline.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  4. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  5. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  9. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  10. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
  11. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date