According to a Press Release dated July 25, 2001, the complaint alleges 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 and Rule 10b-5 promulgated thereunder. On or about June 17, 1999, Viant commenced an initial public offering of 3,000,000 of its shares of its common stock at an offering price of $16 per share (the "Viant IPO"). In connection therewith, Viant filed a registration statement, which incorporated a prospectus (the "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) the Underwriter Defendants had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriter Defendants allocated to those investors material portions of the restricted number of Viant shares issued in connection with the Viant IPO; and (ii) the Underwriter Defendants had entered into agreements with customers whereby they agreed to allocate Viant shares to those customers in the Viant IPO in exchange for which the customers agreed to purchase additional Viant shares in the aftermarket at pre-determined prices.
NOTE: On April 3, 2003, Viant Corporation filed a notice of bankruptcy.