Wolf Haldenstein Adler Freeman and Herz LLP Commences Iasiaworks Class Action

Apr 12, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman & Herz LLP

    NEW YORK, April 12 /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 all
 purchasers of Iasiaworks, Inc ("IASIAWORKS" or the "Company") (Nasdaq:   IAWK)
 securities during the period between August 3, 2000 and November 27, 2000,
 inclusive (the "Class Period") against IASIAWORKS, certain of its officers and
 directors, and its underwriters.
     The case name and index number are Jenner v. Iasiaworks, Inc. [01-CV-1940
 (GEL)], and is before Judge Lynch.  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 federal securities laws.
 
     IASIAWORKS was founded in August 1995 to provide high-speed Internet
 access services for business clients in the Asia-Pacific region.
 Specifically, the complaint alleges the company's Registration Statement and
 Prospectus misrepresented material aspects of the Company's business plan,
 namely the size and cost of large-scale Internet Data Centers the Company
 intended to establish after the IPO, and falsely stated that the net proceeds
 from the IPO would be sufficient to fund the construction of these large-scale
 data centers.  The complaint alleges that these statements were false and
 misleading because defendants were aware that IASIAWORKS would need to
 construct vastly larger data centers at a much greater cost than represented
 in the Prospectus.  As a result, the net proceeds of the IPO were insufficient
 to cover these construction costs, forcing IASIAWORKS to take on additional
 debt to finance the projects.
     If you purchased IASIAWORKS securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 22, 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, Michael Miske, Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 12 /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 all
 purchasers of Iasiaworks, Inc ("IASIAWORKS" or the "Company") (Nasdaq:   IAWK)
 securities during the period between August 3, 2000 and November 27, 2000,
 inclusive (the "Class Period") against IASIAWORKS, certain of its officers and
 directors, and its underwriters.
     The case name and index number are Jenner v. Iasiaworks, Inc. [01-CV-1940
 (GEL)], and is before Judge Lynch.  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 federal securities laws.
 
     IASIAWORKS was founded in August 1995 to provide high-speed Internet
 access services for business clients in the Asia-Pacific region.
 Specifically, the complaint alleges the company's Registration Statement and
 Prospectus misrepresented material aspects of the Company's business plan,
 namely the size and cost of large-scale Internet Data Centers the Company
 intended to establish after the IPO, and falsely stated that the net proceeds
 from the IPO would be sufficient to fund the construction of these large-scale
 data centers.  The complaint alleges that these statements were false and
 misleading because defendants were aware that IASIAWORKS would need to
 construct vastly larger data centers at a much greater cost than represented
 in the Prospectus.  As a result, the net proceeds of the IPO were insufficient
 to cover these construction costs, forcing IASIAWORKS to take on additional
 debt to finance the projects.
     If you purchased IASIAWORKS securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 22, 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, Michael Miske, Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP