Foster City, Calif. – A securities class action lawsuit has been initiated in the United States District Court for the Southern District of New York on behalf of those who acquired locally based Webvan Group Inc. securities between November 4, 1999 and December 6, 2000.

The complaint names certain officers and directors of Webvan, as well as several underwriting firms as defendants.

The complaint charges defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 for issuing a Registration Statement and Prospectus containing materially false and misleading information and failing to disclose material information.