UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
MATTHEW WEINER, on behalf of himself and
all others similarly situated,
CIVIL ACTION NO.
Plaintiffs,
CLASS ACTION COMPLAINT
v. FOR VIOLATIONS OF
PALM, INC. CARL YANKOWSKI, JUDY FEDERAL SECURITIES
BRUNER, THE GOLDMAN SACHS GROUP, AND ANTI-TRUST LAWS
INC., BANCBOSTON ROBERTSON
STEPHENS, INC., MERRILL LYNCH, JURY TRIAL DEMANDED
PIERCE, FENNER & SMITH,
INCORPORATED, MORGAN STANLEY
DEAN WITTER & CO.; BANK OF
AMERICA SECURITIES LLC; CHASE
SECURITIES, INC.; DEUTSCHE BANK
SECURITIES, INC.; SALOMON SMITH
BARNEY, INC.; BEAR STEARNS, & CO.,
INC.; B.T. ALEX. BROWN, INC.; CIBC
WORLD MARKETS; DAIN RAUCHER,
INC.; CREDIT SUISSE FIRST BOSTON
CORP.; J.P. MORGAN & CO.; J.P. MORGAN
SECURITIES; LEHMAN BROTHERS, INC.;
HAMBRECHT & QUIST LLC; and ROBERT
FLEMING, INC.
Defendants.
Plaintiff, individually and on behalf of all other persons similarly situated, by
attorneys, for his Complaint, allege upon the investigation made by and through plaintiff's counsel,
which included, inter alia, a review of relevant filings made by Palm, Inc. ("Palm" or the
with the Securities and Exchange Commission, as well as, tele-conferences, press releases, news
articles, analyst reports, and media reports concerning the Company. Furthermore, this complaint is
based upon plaintiff's personal knowledge as to himself and his own acts, and upon information and
belief as to all other matters, based upon the aforementioned investigation.
NATURE OF THE ACTION
SNIPPETS:
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
PIERCE, FENNER & SMITH, INCORPORATED, MORGAN STANLEY DEAN WITTER & CO.; BANK OF AMERICA
Plaintiff, individually and on behalf of all other persons similarly situated, by his
which included, inter alia, a review of relevant filings made by Palm, Inc.
articles, analyst reports, and media reports concerning the Company.
This is a class action on behalf of all persons, other than defendants and certain related
both dates inclusive (the "Sub-Class Period") to recover damages caused by defendants'
The Underwriter Defendants engaged and conspired to engage in conduct in connection
Manipulated Securities include Palm common stock.
malfeasance by major Wall Street securities firms.
enforcement officials at the Securities and Exchange Commission are examining at least two
Second, investigators are examining, and have evidence, that major investment banks
allocated shares of especially hot initial public offerings to favored,
Probes Inflated Commissions for Hot
investigation is defendant investment bank Credit Suisse First Boston Corp., a unit of Credit
the IPO boom include Morgan Stanley Dean Witter and Goldman Sachs Groups,
and maintain the price of the IPOs in the aftermarket once the initial distribution period
stock price, above the offering price, and create a false sense of demand that would attract
including the preparation and dissemination in this judicial district of the Prospectus dated
shareholders of defendants Palm, which documents were materially false and misleading, during
Period (including the trading of Palm stock based upon misleading information).
such control to cause the Company to engage in the violations and improper practices
Manipulated Securities omitted and/ or misrepresented material facts about the offering of
In direct contravention to Rules 101 and 102 of Regulation M of the Exchange Act,
participation and agreement of Palm and the Individual Defendants.
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