According to a Press Release dated June 28, 2001, a class action lawsuit was filed against Agency.com Ltd. The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about December 8, 1999, Agency.com commenced an initial public offering of 5,900,000 shares of common stock at an offering price of $26.00 per share. In connection therewith, Agency.com filed a registration statement, which incorporated a 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) Goldman Sachs, Salomon Smith Barney, and Hambrecht & Quist had solicited and received excessive and undisclosed commissions from certain investors in exchange for which these underwriters allocated to those investors material portions of Agency.com shares issued in connection with the Agency.com IPO; and (ii) these underwriters had entered into agreements with customers whereby the underwriters agreed to allocate Agency.com shares to those customers in the Agency.com IPO in exchange for which the customers agreed to purchase additional Agency.com shares in the aftermarket at pre-determined prices. By virtue of this manipulation, Goldman Sachs, Salomon Smith Barney, and Hambrecht & Quist were able to inflate the trading price of Agency.com's shares after the initial offering to a high of $76.00 per share on December 8, 1999.