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STEINBERG v. PRT GROUP, INC.

No. 98 Civ. 6550(DC).

88 F.Supp.2d 294 (2000)

David J. STEINBERG, Carol Blum and David Blum, Charles M. Boyett, Richard Glotzer, G.M. and Ellen Leitenberger, Jagadish Patel, and Anthony Skettino on behalf of themselves and all others similarly situated, Plaintiffs, v. PRT GROUP, INC., Douglas K. Mellinger, Lowell W. Robinson, Gregory S. Mellinger, and the Mellinger Group, Defendants.

United States District Court, S.D. New York.

March 28, 2000.

Attorney(s) appearing for the Case

Milberg, Weiss, Bershad, Hynes & Lerach, LLP, by Robert P. Sugarman, Janine L. Pollack, Cary L. Talbot, New York, NY, Savett Frutkin Podell & Ryan, P.C., by Stuart H. Savett, Robert P. Frutkin, Barbara A. Podell, Philadelphia, PA, Bernstein Liebhard & Lifshitz, LLP, by Sandy A. Liebhard, New York, NY, for Plaintiffs.

Skadden, Arps, Slate, Meagher & Flom, LLP, by Jerome S. Hirsch, Maura B. Grinalds, William Bernarduci, New York, New York, for Defendants PRT Group, Inc., Douglas K. Mellinger, Lowell W. Robinson, and Gregory S. Mellinger.

Morvillo, Abramowitz, Grand, Iason & Silberberg, P.C., by Michael W. Mitchell, New York, NY, for Defendant the Mellinger Group.

OPINION

CHIN, District Judge.

In this putative class action, plaintiffs allege that defendants, PRT Group, Inc. ("PRT"), an information technology ("IT") services company, and certain of its directors, officers, and shareholders, disseminated false and misleading information in the prospectus and registration statement issued in connection with a November 1997 initial public offering ("IPO"), in...

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