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Class-Action Field Day
A Federal judge in the Southern District of New York green-lighted today a massive class-action lawsuit alleging IPO fraud against a raft of dotcoms and their investment bankers.
Among the IB's are Goldman Sachs and Credit Suisse First Boston. Among the 185 dotcoms are DoubleClick, iVillage, Register.com, Dice, Multex, Net2Phone, Razorfish, StarMedia Network, theGlobe, and WebMD.
The class-action suit claims that the dotcoms, with their officers and underwriters, defrauded investors by fraudulently boosting their stocks' value with misleading registration statements and other schemes. The suit consolidates 1,000 individual claims filed in Manhattan in 2001.
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