The Complaint charges Defendants with violations of Section 14(d) of the Exchange Act and Rule 14d-10
collectively, "Apax"), for violations of u14(d)(7) of the Securities Exchange Act of 1934 ("1934 Act") and Rule 14d-10
promulgated thereunder, in connection with the tender offer by Apax for Epicor (the "Tender Offer").
The Complaint alleges that defendants violated sections 14(a), 14(e), 14(d)(7) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14d-10
promulgated thereunder, by failing to disclose material information to those Digital Island shareholders who had received an Offer to Purchase from defendant Cable & Wireless in May and June 2001, and to those Digital Island shareholders who received a proxy statement in connection with the merger between Digital Island and Cable & Wireless (the "Proxy Statement"), which was consummated on August 30, 2001.
Class counsel believes that this was the first jury verdict in favor of plaintiffs in any class action brought under SEC rule 14d-10
, and it is the second time in approximately three years that Kirby McInerney & Squire has obtained a favorable jury verdict in a trial of claims in a class action under the Federal securities laws.