2themart.com Case Update wyca.com
On July 17, 2000, the court denied defendants' motion to dismiss the consolidated amended complaint.
Weiss & Yourman has filed a class action lawsuit in U.S. District Court on behalf of purchasers of 2TheMart.Com Inc. (OTC:TMRT) common stock between January 19, 1999 and August 26, 1999 (the "Class Period").
2TheMart is an Internet based electronic commerce company which claims to be developing an auction web site in which parties will be brought together to buy and sell a variety of goods. Once fully functional, 2TheMart web site users will be able to browse through all items in a fully automated, topically arranged online service that is expected to be available 24 hours a day, seven days a week.
The defendants include 2TheMart, Steven W. Rebeil and Dominic J. Magliarditi. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period. Defendants' scheme included rendering false and misleading statements and/or omissions concerning the present and future financial condition and business prospects of the Company, as well as the financial benefits that would enure to 2TheMart and its shareholders.
In addition, we are currently maintaining a database for those shareholders who have contacted us and we will be using this database to contact you when the entire class needs to be notified of the developments in the case. If you wish to provide us with your full name and mailing address, please fill out your information on the contact us page. Please ensure that you include the name or ticker symbol of the company so we can add you to the correct database.
Case Update
On July 17, 2000, the court denied defendants' motion to dismiss the consolidated amended complaint.
If you wish to read the original complaint, please click here.
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