INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP CLARIFIES INVESTOR UNCERTAINTY OVER CLASS ACTION LAWSUIT AGAINST ARBINET-thexchange, Inc.- ARBX
New York, NY (PrimeZone) September 1, 2005 - This notice is being issued to clarify investor uncertainty as to who filed a class action lawsuit against Arbinet-thexchange, Inc. (NASDAQ: ARBX) on behalf of purchasers of the company’s common stock issued in its initial public filing on December 16, 2004. Despite other firms having issued press releases, Murray, Frank & Sailer LLP has filed the only complaint against Arbinet-thexchange, Inc., which is currently pending in the Superior Court of New Jersey.
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The Complaint charges certain of its officers, directors and underwriters with violations Section 11 of the Securities Act of 1933. Plaintiff claims that defendants issued a materially false and misleading Registration Statement and Prospectus in connection with the Company's IPO. Arbinet is the leading electronic market for trading, routing and settling communications capacity. The Complaint alleges that the Registration Statement failed to adequately disclose and misrepresented material information concerning, among other things: (i) the Company's inability to match sellers' supply with buyers' demand, and -- contrary to the Registration Statement and defendants' statements -- that the Company's trading platform was illiquid; (ii) in an effort to mask the Company's illiquid business model, the failure to disclose in the Registration Statement that the Company actually was offering incentives to sellers to do business on the exchange; and (iii) a shift from land-line minutes to cell-based minutes, thereby causing a shift to shorter-duration calls, and its negative impact on the Company's prospects.
If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi, Christopher S. Hinton or Bradley P. Dyer of MURRAY, FRANK & SAILER LLP.
MURRAY, FRANK & SAILER LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
MURRAY, FRANK & SAILER LLP
Eric J. Belfi
Christopher S. Hinton
Bradley P. Dyer
(800) 497-8076 or (212) 682-1818
Fax: (212) 682-1892
Email: [email protected]rrayfrank.com