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SECURITIES FRAUD
Shapiro Haber & Urmy Files Class
Action Suit Against Credit Suisse
Boston for Misleading Analysts
Reports
BOSTON, MA --
October 3, 2002 -- A class action
suit alleging securities fraud has
been filed in the United States
District Court for the District of
Massachusetts against Credit Suisse
First Boston, a division of Credit
Suisse Group (NYSE: CSR), ("Credit
Suisse" or the "Company") and two of
its technology analysts by the law
firm of Shapiro Haber & Urmy LLP.
The case was
filed on behalf of all persons who
purchased common stock of Razorfish,
Inc. (NASDAQ: RAZF) during the
period from June 14, 1999 through
July 20, 2001 (the "Class Period").
The complaint
alleges that the defendants violated
section 10(b) of the Securities
Exchange Act of 1934 ("the Exchange
Act"), and Rule 10b-5 promulgated
thereunder, and Section 20(a) of the
Exchange Act, by issuing a series of
favorable research reports on
Razorfish that were materially false
or misleading in that they did not
disclose conflicts of interest of
Credit Suisse, and in particular the
practice of Credit Suisse to gain
lucrative investment banking
business in part by providing
coverage and issuing favorable
research reports on prospective
investment banking customers.
According to news reports, an
investigation conducted by the
Secretary of State of the
Commonwealth of Massachusetts
uncovered "very troubling" internal
Credit Suisse materials that
"suggest . . . a pattern of breach
of fiduciary duty" and which appear
to have "treated investors like
suckers". According to another news
report, the Secretary of State has
suggested that criminal charges be
filed against Credit Suisse over its
fraudulent stock research coverage.
Shapiro Haber &
Urmy anticipates that it will be
filing similar class action
complaints on behalf of investors in
the following companies, which were
also the subject of favorable
research reports by Credit Suisse.
These companies include the
following:
Accenture Ltd. (ACN)
Advanced Semiconductor Eng. (ASX)
Advent Software, Inc. (ADVS)
Agilent Technologies, Inc. (A)
Answerthink, Inc. (ANSR)
Applied Materials, Inc. (AMAT)
Applied Computer Technologies, Inc.
(APLD)
Appnet, Inc.
Aptech Limited
Aris Corp.
ASAT Holdings Ltd. (ASTT)
ASE Test
Asustek/Yageo Corp.
ATI Technologies, Inc. (ATYT)
Atmel Corp. (ATML)
AU Optronics Corp. (AUO)
Avnet, Inc. (AVT)
Cambridge Technology Partners
Celestica, Inc. (CLS)
Chartered Semiconductor Mfg. (CHRT)
Chippac, Inc. (CHPC)
Ciber, Inc. (CBR)
Compeq Manufacturing Co.
Complete Business Solutions
Computer Sciences Corp. (CSC)
Covansys Corp. (CVNS)
Creative Technology Ltd. (CREAF)
Credence Systems Corp. (CMOS)
Delta Electronics (DLEUF)
Dupont Photomasks, Inc. (DPMI)
ELOYALTY Corp. (ELOY)
Evolve Software, Inc. (EVLV)
Faraday Technology Group
HCL Technologies
HNC Software
Hughes Software Systems, Ltd.
HYNIX Semiconductor (HXSCY)
Hyundai Electronics
Igate Corporation (IGTE)
Infosys Technologies Ltd (INFY).
Integrated Device Technology, Inc.
(IDTI)
Integrated Circuit Systems, Inc.
(ICST)
Intersil Corporation (ISIL)
Lante Corp. (LNTE)
Lattice Semiconductor Corp. (LSCC)
Macronix International Co. Ltd.
(MXICY)
Manhattan Associates, Inc. (MANH)
MarchFirst, Inc. (MRCHQ)
Mastech Corp.
Mastek Ltd.(MSKDF)
Mediatek
Modem Media, Inc. (MMPT)
Nanya Technology Corp.
Naoussa Spinning Mills
NIIT Ltd.
NVIDIA Corp. (NVDA)
Palm, Inc. (PALM)
Pioneer Standard Electronics, Inc.
(PIOS)
Plexus Corp. (PLXS)
Powerchip Semiconductor, Inc.
Pro Mos Technologies
Proxicom, Inc.
Radiant Systems, Inc. (RADS)
Rare Medium Group, Inc. (RRRR)
Razorfish, Inc. (RAZF)
Realtek Semiconductor Corp. (RLTQF)
Reynolds & Reynolds Corp. (REY)
Sanmina-SCI Corp. (SANM)
Sapient Corp. (SAPE)
Satyam Computer Services Ltd. (SAY)
Scient Corp. (SCNTQ)
Silicon Storage Technology Inc.
(SSTI)
Siliconware Precision Industries
(SPIL)
ST Assembly Test Services Ltd.
(STTS)
STMicroelectronics (STM)
Sunplus Technology Company
Taiwan Semiconductor Manufacturing
Co. (TSM)
Tanning Technologies Corp. (TANN)
Tatung, Co.
Tech Data Corp. (TECD)
Transaction Systems Architects, Inc.
(TSAIE)
United Microelectronics Corp. (UMC)
USInternetworking, Inc. (USIQE)
UTSTARCOM, Inc. (UTSI)
Via Technologies
Viant Corp. (VIAN)
Visualsoft Ltd.
Whitman-Hart, Inc.
Winbond Electronics
WIPRO Ltd. (WIT)
Plaintiff seeks to
recover damages suffered by class
members and is represented by the
law firm of Shapiro Haber & Urmy
LLP, which has successfully
prosecuted numerous securities class
actions on behalf of defrauded
investors. More information about
the firm and its qualifications is
available on the firm's website at
www.shulaw.com.
If you purchased
Razorfish stock during the Class
Period of June 14, 1999 through July
20, 2001, and you suffered damages,
you may wish to join the action.
If you would like a copy of the
complaint or would like to inform us
that you are a member of the
proposed class, please contact
Sophie Horowitz,
Paralegal, Shapiro Haber & Urmy LLP,
53 State Street, Boston, MA 02109,
(800) 287-8119, fax at (617)
439-0134, or email at
cases@shulaw.com.
Case Status:
Settled for $3 million.
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