NEW YORK-Two wireless firms became the subject of class-action lawsuits as part of the rash of lawsuits being filed as a result of the telecom bubble burst.
The Plaintiffs’ Executive Committee in the Initial Public Offering Securities Litigation announced on Wednesday class-action lawsuits against Metawave Communications Corp. and Donaldson, Lufkin & Jenrette Securities Corp. and Credit Suisse First Boston Corp. DLJ and CSFB are being sued regarding the IPO of AirGate PCS Inc.
Both suits claim violations of securities laws and are seeking a lead plaintiff. Those who purchased AirGate stock between Sept. 27, 1999, and Dec. 6, 2000, and Metawave stock between April 26, 2000, and Dec. 6, 2000, are involved.
AirGate went public on Sept. 27, 1999, offering almost 7 million shares for $17 per share. Metawave went public on April 26, 2000, offering more than 6 million shares for $9 each.
