Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against PlanetRx.com, Inc. Seeking Damages on Behalf of Investors

Apr 20, 2001, 01:00 ET from Cauley Geller Bowman & Coates, LLP

    LITTLE ROCK, Ark., April 20 /PRNewswire Interactive News Release/ -- The
 Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class
 action has been filed in the United States District Court for the Southern
 District of New York on behalf of purchasers of PlanetRx.com, Inc.
 (OTC Bulletin Board:   PLRX.OB) ("PlanetRx" or the "Company") securities during
 the period between October 7, 1999 and March 24, 2000, inclusive (the "Class
 Period").
     The complaint charges PlanetRx; William J. Razzouk; Steve Valenzuela; The
 Goldman Sachs Group, Inc. ("Goldman Sachs"); BancBoston Robertson Stephens,
 Inc. ("BancBoston"); Bear Stearns & Co., Inc. ("Bear Stearns"); Merrill Lynch,
 Fenner & Smith, Incorporated ("Merrill Lynch"); and Salomon Smith Barney, Inc.
 ("Salomon") with violations of Sections 11, 12(a)(2) and 15 of the Securities
 Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule
 10b-5 promulgated thereunder.  On October 7, 1999, PlanetRx commenced an
 initial public offering of 6 million of its shares of common stock at an
 offering price of $16 per share (the "PlanetRx IPO").  In connection
 therewith, PlanetRx filed a registration statement, which incorporated a
 prospectus ("the "Prospectus"), with the SEC.  The complaint further alleges
 that the Prospectus was materially false and misleading because it failed to
 disclose, among other things, that: (i) Goldman Sachs, BancBoston, Bear
 Stearns, Merrill Lynch and Salomon had solicited and received excessive and
 undisclosed commissions from certain investors in exchange for which Goldman
 Sachs, BancBoston, Bear Stearns, Merrill Lynch and Salomon allocated to those
 investors material portions of the restricted number of PlanetRx shares issued
 in connection with the PlanetRx IPO; and (ii) Goldman Sachs, BancBoston, Bear
 Stearns, Merrill Lynch and Salomon had entered into agreements with customers
 whereby Goldman Sachs, BancBoston, Bear Stearns, Merrill Lynch and Salomon
 agreed to allocate PlanetRx shares to those customers in the PlanetRx IPO in
 exchange for which the customers agreed to purchase additional PlanetRx shares
 in the aftermarket at pre-determined prices.  As alleged in the complaint, the
 SEC is investigating underwriting practices in connection with several other
 initial public offerings.
     If you bought the securities of PlanetRx between October 7, 1999 and
 March 24, 2000, inclusive, you may, no later than May 28, 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
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38507495
 
 

SOURCE Cauley Geller Bowman & Coates, LLP
    LITTLE ROCK, Ark., April 20 /PRNewswire Interactive News Release/ -- The
 Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class
 action has been filed in the United States District Court for the Southern
 District of New York on behalf of purchasers of PlanetRx.com, Inc.
 (OTC Bulletin Board:   PLRX.OB) ("PlanetRx" or the "Company") securities during
 the period between October 7, 1999 and March 24, 2000, inclusive (the "Class
 Period").
     The complaint charges PlanetRx; William J. Razzouk; Steve Valenzuela; The
 Goldman Sachs Group, Inc. ("Goldman Sachs"); BancBoston Robertson Stephens,
 Inc. ("BancBoston"); Bear Stearns & Co., Inc. ("Bear Stearns"); Merrill Lynch,
 Fenner & Smith, Incorporated ("Merrill Lynch"); and Salomon Smith Barney, Inc.
 ("Salomon") with violations of Sections 11, 12(a)(2) and 15 of the Securities
 Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule
 10b-5 promulgated thereunder.  On October 7, 1999, PlanetRx commenced an
 initial public offering of 6 million of its shares of common stock at an
 offering price of $16 per share (the "PlanetRx IPO").  In connection
 therewith, PlanetRx filed a registration statement, which incorporated a
 prospectus ("the "Prospectus"), with the SEC.  The complaint further alleges
 that the Prospectus was materially false and misleading because it failed to
 disclose, among other things, that: (i) Goldman Sachs, BancBoston, Bear
 Stearns, Merrill Lynch and Salomon had solicited and received excessive and
 undisclosed commissions from certain investors in exchange for which Goldman
 Sachs, BancBoston, Bear Stearns, Merrill Lynch and Salomon allocated to those
 investors material portions of the restricted number of PlanetRx shares issued
 in connection with the PlanetRx IPO; and (ii) Goldman Sachs, BancBoston, Bear
 Stearns, Merrill Lynch and Salomon had entered into agreements with customers
 whereby Goldman Sachs, BancBoston, Bear Stearns, Merrill Lynch and Salomon
 agreed to allocate PlanetRx shares to those customers in the PlanetRx IPO in
 exchange for which the customers agreed to purchase additional PlanetRx shares
 in the aftermarket at pre-determined prices.  As alleged in the complaint, the
 SEC is investigating underwriting practices in connection with several other
 initial public offerings.
     If you bought the securities of PlanetRx between October 7, 1999 and
 March 24, 2000, inclusive, you may, no later than May 28, 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
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38507495
 
 SOURCE  Cauley Geller Bowman & Coates, LLP