Wolf Haldenstein Adler Freeman and Herz LLP Announces Commencement of Class Action Suit Against Rediff.com

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

    NEW YORK, April 27 /PR Newswire Interactive Release/ -- 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 all purchasers of Rediff.com India Ltd. American Depositary Shares
 ("Rediff" or the "Company") (Nasdaq:   REDF) between June 14, 2000, and April 4,
 2001, inclusive, against defendants Rediff, certain of its officers and
 directors, and its lead underwriters.
     The case name and index number are Bhasin v. Rediff.com India Ltd.
 (01-CV-3593).  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 American Depositary Shares pursuant to the June 14,
 2000 IPO without disclosing to investors that Rediff's Internet business had
 been experiencing difficulty with its e-mail software and that it was known
 that many significant advertising contracts would terminate by December 2000.
     Specifically, the complaint alleges that Rediff had stated in the
 Prospectus that there were significant restrictions on the use of funds
 obtained from the IPO.  Rediff failed to disclose that it intended to invest
 in speculative securities and falsely represented that it would conservatively
 apply the funds received through the IPO when in fact it would not.
 Additionally, Rediff misled purchasers to believe that Rediff would have
 significant cash reserves for the foreseeable future and falsely stated in the
 Prospectus that one of its directors, Richard Li, was a graduate of Stanford
 University.
     If you purchased Rediff securities during the class period, you may
 request that the Court appoint you as lead plaintiff by June 11, 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 our website at http://www.whafh.com. Your e-mail should refer to Rediff.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X72576153
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 27 /PR Newswire Interactive Release/ -- 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 all purchasers of Rediff.com India Ltd. American Depositary Shares
 ("Rediff" or the "Company") (Nasdaq:   REDF) between June 14, 2000, and April 4,
 2001, inclusive, against defendants Rediff, certain of its officers and
 directors, and its lead underwriters.
     The case name and index number are Bhasin v. Rediff.com India Ltd.
 (01-CV-3593).  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 American Depositary Shares pursuant to the June 14,
 2000 IPO without disclosing to investors that Rediff's Internet business had
 been experiencing difficulty with its e-mail software and that it was known
 that many significant advertising contracts would terminate by December 2000.
     Specifically, the complaint alleges that Rediff had stated in the
 Prospectus that there were significant restrictions on the use of funds
 obtained from the IPO.  Rediff failed to disclose that it intended to invest
 in speculative securities and falsely represented that it would conservatively
 apply the funds received through the IPO when in fact it would not.
 Additionally, Rediff misled purchasers to believe that Rediff would have
 significant cash reserves for the foreseeable future and falsely stated in the
 Prospectus that one of its directors, Richard Li, was a graduate of Stanford
 University.
     If you purchased Rediff securities during the class period, you may
 request that the Court appoint you as lead plaintiff by June 11, 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 our website at http://www.whafh.com. Your e-mail should refer to Rediff.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X72576153
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP