On or around 10/06/2009 (Date of order of final judgment)
Filing Date: July 13, 2001
According to a Press Release dated July 13, 2001 Bernstein Liebhard & Lifshitz, LLP announces a class action lawsuit against Webvan Group, Inc. The complaint charges defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 for issuing a Registration Statement and Prospectus (the "Prospectus") that contained materially false and misleading information and failed to disclose material information. The complaint alleges that the Prospectus was false and misleading because it failed to disclose (i) the Underwriter Defendants' agreement with certain investors to provide them with significant amounts of restricted Webvan shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement between the Underwriter Defendants and certain of its customers whereby the Underwriter Defendants would allocate shares in the IPO to those customers in exchange for the customers' agreement to purchase Webvan shares in the after-market at pre-determined prices. The SEC is investigating underwriting practices in connection with several other initial public offerings, including the offerings of VA Linux Systems, Inc., Ariba Inc. and United Parcel Service, Inc.
Company & Securities Information
Defendant: Webvan Group, Inc.
Industry: Retail (Catalog & Mail Order)
Headquarters: United States
Ticker Symbol: WBVN
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.
First Identified Complaint
Saul Halpert, et al. v. Webvan Group, Inc., et al.