On or around 10/06/2009 (Date of order of final judgment)
Filing Date: November 30, 2001
Other actions have been filed making similar allegations regarding the IPOs of more than 300 other companies. All of these have been coordinated for pretrial purposes as In re Initial Public Offering Securities Litigation, Civil Action No. 21-MC-92.
According to a Press Release dated 11/30/2001, the lawsuit asserts claims under Section 11, 12 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 by the SEC thereunder and seeks to recover damages. The complaint alleges that pcOrder and certain of its officers at the time of its IPO violated the federal securities laws by issuing and selling pcOrder common stock pursuant to pcOrder's initial public offering and a secondary offering of pcOrder stock without disclosing to investors that several of the underwriters of the pcOrder IPO had solicited and received excessive and undisclosed commissions from certain investors. The complaint also alleges that pcOrder and the defendant underwriters of the secondary offering of pcOrder stock, were able to price the secondary offering at an artificially high $53.3125 per share due to the continued effects of the foregoing violations. The complaint further alleges that defendants violated the Securities Act of 1933 because the Prospectuses distributed to investors and the Registration Statements filed with the SEC in order to gain regulatory approval for the pcOrder offerings contained material misstatements regarding the commissions that the underwriters would derive from the IPO and failed to disclose the additional commissions and "laddering" scheme discussed above.
Company & Securities Information
Defendant: pcOrder.com, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: PCOR
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.