| Company: | iPass, Inc. |
| Ticker Symbol: | NASD: IPAS |
| Class Period: | April 22, 2004 to June 30, 2004 |
| Date Filed: | Jan-14-05 |
| Lead Plaintiff Deadline: | Mar-15-05 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit was filed on January 14, 2005, on behalf of purchasers of the securities of iPass, Inc. ("iPass" or the "Company") (Nasdaq: IPAS) between April 22, 2004 and June 30, 2004, inclusive (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The action, case number 05-CV-0228, is pending in the United States District Court for the Northern District of California against defendants iPass, Kenneth D. Denman (CEO, President and Chairman) and Donald C. McCauley (CFO).
The complaint alleges that at all relevant times, iPass purported to provide "simple, secure and manageable connectivity services" by connecting mobile workers' computers to the Web through partnerships with local Internet service providers using "narrowband" telephone dial-up access. With high-speed broadband access to the Internet getting cheaper and more common among consumers, it was vitally important to iPass that it make the transition from "narrow band" dial-up service to broadband service, and that the transition be executed properly. This complaint alleges that defendants failed to disclose a major operational snafu that occurred in connection with defendants' attempt to expand the Company's broadband service offerings and that this snafu, which hindered access to the iPass service, resulted in the loss of a material number of customers, and a concomitant decline in the Company's revenue, earnings, and growth prospects. Before investors found out about the snafu, and its effect on iPass's business, Company insiders, who knew of the snafu and its materially adverse effects on the Company's business but did not let on, sold more than 170,000 shares of their personally held iPass securities at prices within a one-week period between $10.94 to $12.16 for proceeds well in excess of $2 million. Upon disclosure of the snafu, on June 30, 2004, iPass shares fell to $6.91.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The action, case number 05-CV-0228, is pending in the United States District Court for the Northern District of California against defendants iPass, Kenneth D. Denman (CEO, President and Chairman) and Donald C. McCauley (CFO).
The complaint alleges that at all relevant times, iPass purported to provide "simple, secure and manageable connectivity services" by connecting mobile workers' computers to the Web through partnerships with local Internet service providers using "narrowband" telephone dial-up access. With high-speed broadband access to the Internet getting cheaper and more common among consumers, it was vitally important to iPass that it make the transition from "narrow band" dial-up service to broadband service, and that the transition be executed properly. This complaint alleges that defendants failed to disclose a major operational snafu that occurred in connection with defendants' attempt to expand the Company's broadband service offerings and that this snafu, which hindered access to the iPass service, resulted in the loss of a material number of customers, and a concomitant decline in the Company's revenue, earnings, and growth prospects. Before investors found out about the snafu, and its effect on iPass's business, Company insiders, who knew of the snafu and its materially adverse effects on the Company's business but did not let on, sold more than 170,000 shares of their personally held iPass securities at prices within a one-week period between $10.94 to $12.16 for proceeds well in excess of $2 million. Upon disclosure of the snafu, on June 30, 2004, iPass shares fell to $6.91.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Register your iPass, Inc. NASD: IPAS Case
If you feel you qualify for damages or remedies that might be awarded in a iPass, Inc. NASD: IPAS class action or lawsuit, please fill in our form on the right to submit your complaint.
