LITTLE ROCK, Ark., May 9, 2001 (PRIMEZONE) -- The deadline for purchasers of iAsiaWorks, Inc. (Nasdaq:IAWK) ("iAsia Works" or the "Company") common stock to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased iAsiaWorks stock between August 3, 2000 through November 27, 2000, inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Southern District of New York by May 22, 2001.
The complaint, filed by a client of the Law Firm of Cauley Geller Bowman & Coates, LLP, charges iAsiaWorks and certain of its officers and directors with issuing a materially false and misleading registration statement and prospectus (the "Offering Documents") in connection with the Company's initial public offering ("IPO") in August of 2000. Specifically, the Offering Documents represented that the proceeds from the IPO would last the Company nine months. On November 27, 2000, the Company shocked the market when it disclosed that it would cause the Company to seek additional capital to complete the projects. News of the increased expenditures caused the Company's stock to decline 43% in two days.
If you bought iAsiaWorks common stock between August 3, 2000 and November 27, 2000, inclusive, you may, no later than May 22, 2001 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca