On or around 10/06/2009 (Date of order of final judgment)
Filing Date: July 26, 2001
According to a Press Release dated July 26, 2001, the complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) defendants had solicited and received excessive and undisclosed commissions from certain investors in exchange for which defendants allocated to those investors material portions of the restricted number of Digital Island shares issued in connection with the Digital Island IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Digital Island shares to those customers in the Digital Island IPO in exchange for which the customers agreed to purchase additional Digital Island shares in the aftermarket at pre-determined prices. As alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings.
Company & Securities Information
Defendant: Digital Island, Inc.
Industry: Communications Services
Headquarters: United States
Ticker Symbol: ISLD
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
Bart Lloyd, et al. v. Digital Island, Inc., et al.