Wechsler Harwood Announces Class Action Suit Against PlanetRx.com, Inc.

Apr 27, 2001, 01:00 ET from Wechsler Harwood Halebian & Feffer LLP

    NEW YORK, April 27 /PR Newswire Interactive Release/ -- The following
 statement was issued today by the law firm of Wechsler Harwood Halebian &
 Feffer LLP:
 
     The law firm of Wechsler Harwood Halebian & Feffer LLP announces that a
 class action lawsuit was filed on April 26, 2001 on behalf of purchasers of
 the securities of PlanetRx.com, Inc. ("PlanetRx" or the "Company")
 (OTC Bulletin Board:   PLRX.OB) between October 7, 1999 and March 24, 2000,
 inclusive. A copy of the complaint filed in this action is available from the
 Court.
     The action is pending in the United States District Court for the Southern
 District of New York, located at 500 Pearl Street, New York, NY 10007, against
 defendants PlanetRx; William J. Razzouk; Steve Valenzuela; The Goldman Sachs
 Group, Inc. ("Goldman Sachs"); BancBoston Roberston Stephens, Inc.
 ("BancBoston"); Bear Stearns & Co., Inc.; ("Bear Stearns"); Merrill Lynch,
 Fenner & Smith, Incorporated ("Merrill Lynch"); and Salomon Smith Barney, Inc.
 (Salomon).
     The complaint alleges 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 are a member of the Class described above, and if you meet certain
 other legal requirements, you may, no later than May 28, 2001, move the Court
 to serve as a 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."  The
 requirements for serving as a lead plaintiff are set forth in the Private
 Securities Litigation Reform Act of 1995 (15 U.S.C. S 78u-4).  Please note,
 however, that class members need not seek appointment as lead plaintiff in
 order to share in any recovery resulting from this litigation.
 
     Wechsler Harwood Halebian & Feffer LLP has taken a leading role in many
 important actions on behalf of defrauded shareholders. The Wechsler Harwood
 Halebian & Feffer LLP website (http://www.whhf.com) has more information about
 the firm.
 
     If you wish to discuss this action with us, or have any questions
 concerning this notice or your rights and interests with regard to the case,
 please contact the following:
 
     Wechsler Harwood Halebian & Feffer LLP
     488 Madison Avenue 8th Floor
     New York, NY 10022
     Phone: 877-935-7400 (Toll Free)
 
     Ramon Pinon IV, Shareholder Relations Department:  rpinoniv@whhf.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X87821646
 
 

SOURCE Wechsler Harwood Halebian & Feffer LLP
    NEW YORK, April 27 /PR Newswire Interactive Release/ -- The following
 statement was issued today by the law firm of Wechsler Harwood Halebian &
 Feffer LLP:
 
     The law firm of Wechsler Harwood Halebian & Feffer LLP announces that a
 class action lawsuit was filed on April 26, 2001 on behalf of purchasers of
 the securities of PlanetRx.com, Inc. ("PlanetRx" or the "Company")
 (OTC Bulletin Board:   PLRX.OB) between October 7, 1999 and March 24, 2000,
 inclusive. A copy of the complaint filed in this action is available from the
 Court.
     The action is pending in the United States District Court for the Southern
 District of New York, located at 500 Pearl Street, New York, NY 10007, against
 defendants PlanetRx; William J. Razzouk; Steve Valenzuela; The Goldman Sachs
 Group, Inc. ("Goldman Sachs"); BancBoston Roberston Stephens, Inc.
 ("BancBoston"); Bear Stearns & Co., Inc.; ("Bear Stearns"); Merrill Lynch,
 Fenner & Smith, Incorporated ("Merrill Lynch"); and Salomon Smith Barney, Inc.
 (Salomon).
     The complaint alleges 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 are a member of the Class described above, and if you meet certain
 other legal requirements, you may, no later than May 28, 2001, move the Court
 to serve as a 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."  The
 requirements for serving as a lead plaintiff are set forth in the Private
 Securities Litigation Reform Act of 1995 (15 U.S.C. S 78u-4).  Please note,
 however, that class members need not seek appointment as lead plaintiff in
 order to share in any recovery resulting from this litigation.
 
     Wechsler Harwood Halebian & Feffer LLP has taken a leading role in many
 important actions on behalf of defrauded shareholders. The Wechsler Harwood
 Halebian & Feffer LLP website (http://www.whhf.com) has more information about
 the firm.
 
     If you wish to discuss this action with us, or have any questions
 concerning this notice or your rights and interests with regard to the case,
 please contact the following:
 
     Wechsler Harwood Halebian & Feffer LLP
     488 Madison Avenue 8th Floor
     New York, NY 10022
     Phone: 877-935-7400 (Toll Free)
 
     Ramon Pinon IV, Shareholder Relations Department:  rpinoniv@whhf.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X87821646
 
 SOURCE  Wechsler Harwood Halebian & Feffer LLP