The Deal news service announced on Friday that lawyers representing individual investors with pending cases against Wall Street banks over their roles in allocating shares of popular initial public offerings (IPOs) during the tech boom are seeking access to more information.
'Class action attorneys representing individual investors told a federal judge on Wednesday that they will seek access to internal Wall Street documents relating to as many as 900 technology IPOs,' The Deal reported, continuing:
'The move sets the stage for a lengthy court battle. The plaintiffs insist that they will not accept a global settlement and the defendants - 55 underwriters and more than 300 issuers - have vowed to fight the expanded discovery request.'
According to reports, in addition to access to regulatory submissions for IPO allocation issues, attorneys representing the investors have announced that they want to see all documents submitted by underwriters to regulators regarding research analysts' alleged conflicts of interest concerning the 300-plus IPOs involved in the lawsuits.
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