Class action lawsuit against CYSP.
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Notice to CyberShop.com Inc. Shareholders
PR Newswire - March 02, 2000 18:45
NEW YORK, March 2 /PRNewswire/ -- The following statement was issued today by the law firm of Abbey, Gardy & Squitieri, LLP.
YOU ARE HEREBY NOTIFIED that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of all persons who purchased shares of CyberShop.com Inc. ("CyberShop") (Nasdaq: CYSP) common stock between October 26, 1999 and February 24, 2000 (the "Class Period").
In brief, the Complaint charges that CyberShop and its top executive officers violated the federal securities laws. The Complaint alleges that defendants caused CyberShop to falsely portray its financial condition to allow its founder to sell a substantial amount of his personal CyberShop holdings at artificially inflated prices. In February 2000, defendants belatedly disclosed, among other things, that it would be abandoning its electronic retailing business and that revenues from its core operations had actually declined in the third quarter of 1999. As a result, CyberShop's common stock now trades at less than $4.00 per share, significantly less than the inflated prices at which insiders sold a portion of their holdings just three months ago.
Plaintiff seeks to recover damages on behalf of himself and all other Class members, excluding the defendants and their affiliates. Plaintiff is represented by Abbey, Gardy & Squitieri, LLP law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you are a member of the class described above, you may, not later than sixty (60) days after March 1, 2000, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Mark C. Gardy, Esq.
Nicholas H. Gilbo, Esq. (ngilbo@a-g-s.com)
Patricia Toher (ptoher@a-g-s.com)
ABBEY, GARDY & SQUITIERI, LLP
(800) 889-3701 (toll free) or (212) 889-3700
SOURCE Abbey, Gardy & Squitieri, LLP
/CONTACT: Mark C. Gardy, Esq. or Nicholas H. Gilbo, Esq.,
ngilbo@a-g-s.com, or Patricia Toher, ptoher@a-g-s.com, all of Abbey, Gardy &
Squitieri, LLP, 800-889-3701, toll free, or 212-889-3700/
Good. Hope Tauber has to give some of his millions away.
Jack |
