On or around 10/06/2009 (Date of order of final judgment)
Filing Date: October 26, 2001
According to a Press Release dated Oct. 30, 2001, a complaint was filed alleging 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 July 27, 2000, Lexent commenced an initial public offering of 6 million of its shares of common stock at an offering price of $15 per share (the "IPO"). In connection therewith, Lexent 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 Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which those Underwriters allocated to those investors material portions of the restricted number of IPO shares issued in connection with the Lexent IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate shares to those customers in the Lexent IPO in exchange for which the customers agreed to purchase additional Lexent shares in the aftermarket at pre-determined prices.
Company & Securities Information
Defendant: Lexent, Inc.
Industry: Communications Services
Headquarters: United States
Ticker Symbol: LXNT
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.