Net2000 Communications, Inc. ("Net2000") is a broadband telecommunications company.

According to a press release dated June 12, 2001, the Complaint charges Defendants with 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. It alleges that the March 6, 2000 Registration Statement and the Prospectus for the initial public offering of 10,000,000 shares of Net2000 common stock (the "Offering") contained material misrepresentations and/or omissions. The Complaint also alleges that Defendants were responsible for the materially false and misleading statements and that the underwriters of Net2000's Offering engaged in a pattern of conduct to surreptitiously extract inflated commissions greater than those disclosed in the Offering materials.