New Brunswick, NJ: Shareholders tried to file a securities class action lawsuit against Arbinet-thexchange Inc. The lawsuit was filed in the United States District Court for the District of New Jersey on behalf of purchasers of the company's common stock issued in its initial public offering. The lawsuit named the company and certain of its underwriters and directors as the defendants. The lawsuit alleged, among other things, that the company made material misstatements or omissions in its registration statement for its initial public offering, filed with the Securities and Exchange Commission on December 16, 2004.
The parties in the action have dismissed the previously disclosed class action claims pending against Arbinet and certain of its officers, current and former directors, and the underwriters for Arbinet's initial public offering. (Jan-24-07) [PR NEWSWIRE: ARBINET DISMISSED]
