Wolf Haldenstein Adler Freeman and Herz LLP Announces Commencement of Class Action Suit Against Priceline

Apr 27, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman and Herz LLP

    NEW YORK, APRIL 27 /PRNewswire/ -- Wolf Haldenstein Adler
 Freeman & Herz LLP announces that it filed a class action lawsuit in the
 United States District Court for the Southern District of New York, on behalf
 of purchasers of Priceline.com, Inc. ("Priceline" or the "Company")
 (Nasdaq:   PCLN) between March 29, 1999 and March 14, 2001, inclusive, against
 defendants Priceline, certain of its officers and directors, and its
 underwriters.
     The case name and index number are Buddy and Eileen Dukeman v.
 Priceline.Com, Inc. (01-CV-3590).  A copy of the complaint filed in this
 action is available from the Court, or can be viewed on the Wolf Haldenstein
 Adler Freeman & Herz LLP website at http://www.whafh.com.
     The complaint alleges that defendants violated the federal securities laws
 by issuing and selling Priceline common stock pursuant to the March 30, 1999
 IPO without disclosing to investors that some of the underwriters in the
 offering, including the lead underwriters, had solicited and received
 excessive and undisclosed commissions from certain investors.
     Specifically, the complaint alleges that in exchange for the excessive
 commissions, defendants allocated Priceline shares to customers at the IPO
 price. To receive the allocations (i.e., the ability to purchase shares) at
 the IPO price, the underwriters' brokerage customers had to agree to purchase
 additional shares in the aftermarket at progressively higher prices. The
 requirement that customers make additional purchases at progressively higher
 prices as the price of Priceline stock rocketed upward (a practice known on
 Wall Street as "laddering") was intended to (and did) drive Priceline's share
 price up to artificially high levels. This artificial price inflation enabled
 both the underwriters and their customers to reap enormous profits by buying
 stock at the IPO price and then selling it later for a profit at inflated
 aftermarket prices.
     If you purchased Priceline securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 15, 2001.  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.
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., George
 Peters, Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or
 visit the company's website at http://www.whafh.com. Your e-mail should refer
 to Priceline.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X81767231
 
 

SOURCE Wolf Haldenstein Adler Freeman and Herz LLP
    NEW YORK, APRIL 27 /PRNewswire/ -- Wolf Haldenstein Adler
 Freeman & Herz LLP announces that it filed a class action lawsuit in the
 United States District Court for the Southern District of New York, on behalf
 of purchasers of Priceline.com, Inc. ("Priceline" or the "Company")
 (Nasdaq:   PCLN) between March 29, 1999 and March 14, 2001, inclusive, against
 defendants Priceline, certain of its officers and directors, and its
 underwriters.
     The case name and index number are Buddy and Eileen Dukeman v.
 Priceline.Com, Inc. (01-CV-3590).  A copy of the complaint filed in this
 action is available from the Court, or can be viewed on the Wolf Haldenstein
 Adler Freeman & Herz LLP website at http://www.whafh.com.
     The complaint alleges that defendants violated the federal securities laws
 by issuing and selling Priceline common stock pursuant to the March 30, 1999
 IPO without disclosing to investors that some of the underwriters in the
 offering, including the lead underwriters, had solicited and received
 excessive and undisclosed commissions from certain investors.
     Specifically, the complaint alleges that in exchange for the excessive
 commissions, defendants allocated Priceline shares to customers at the IPO
 price. To receive the allocations (i.e., the ability to purchase shares) at
 the IPO price, the underwriters' brokerage customers had to agree to purchase
 additional shares in the aftermarket at progressively higher prices. The
 requirement that customers make additional purchases at progressively higher
 prices as the price of Priceline stock rocketed upward (a practice known on
 Wall Street as "laddering") was intended to (and did) drive Priceline's share
 price up to artificially high levels. This artificial price inflation enabled
 both the underwriters and their customers to reap enormous profits by buying
 stock at the IPO price and then selling it later for a profit at inflated
 aftermarket prices.
     If you purchased Priceline securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 15, 2001.  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.
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., George
 Peters, Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or
 visit the company's website at http://www.whafh.com. Your e-mail should refer
 to Priceline.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X81767231
 
 SOURCE  Wolf Haldenstein Adler Freeman and Herz LLP