Arbinet Says Securities Class Action Lawsuit Without Merit
September 01 2005 - 9:42AM
PR Newswire (US)
NEW BRUNSWICK, N.J., Sept. 1 /PRNewswire-FirstCall/ --
Arbinet-thexchange, Inc. (NASDAQ:ARBX) today announced that it has
been named as a defendant in a purported securities class action
lawsuit filed in the Superior Court of New Jersey. The suit is
allegedly brought on behalf of purchasers of the Company's common
stock issued in its Initial Public Offering and alleges a violation
of Section 11 of the Securities Act of 1933. The complaint also
names as defendants certain of the Company's underwriters and
directors. The complaint alleges, among other things, that the
Company made misstatements or omissions in its Initial Public
Offering registration statement filed with the SEC on December 16,
2004. The Company believes the allegations in the complaint are
without merit and intends to vigorously defend them. About Arbinet
Arbinet is the leading electronic market for trading, routing and
settling communications capacity. Members of the exchange,
consisting primarily of communications service providers, buy and
sell voice calls and Internet capacity based on route quality and
price through its centralized, efficient and liquid marketplace.
Members place orders through a web-based interface. Its fully
automated, highly scalable trading platform matches these orders
using proprietary software and delivers them through state-of-
the-art facilities. Contacts: Mike Lemberg David Pasquale or Denise
Roche Arbinet The Ruth Group 1.732.509.9220 1.646.536.7006 /
1.646-526-7008 / DATASOURCE: Arbinet-thexchange, Inc. CONTACT: Mike
Lemberg of Arbinet, +1-732-509-9220, ; or David Pasquale,
+1-646-536-7006, or Denise Roche, +1-646-526-7008, , both of The
Ruth Group Web site: http://www.arbinet.com/
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