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Saturday June 12, 2:04 pm Eastern Time
Company Press Release
SOURCE: CostPlusFive.com, Inc.
Suit Filed in Federal Court Requesting Cancellation of Shares
LOS ANGELES, June 12 /PRNewswire/ -- CostPlusFive.com, Inc. (OTC Bulletin Board: USAV - news) announced today the filing of a complaint in Federal District Court for the Central District of California against Investor's Equity Corp., Wall Street Trading Group, Bruce Dorfman and others, Case No. 99-0601ORAP. The lawsuit requests the cancellation of 2,960,000 free trading shares and 3,280,000 restricted shares of the Company's common stock.
The Company had, on June 8, 1999, rescinded the sale of the shares, on the grounds of failure of consideration for the shares. The Company followed that rescission action by directing its transfer agent to ''stop transfer'' all certificates represented by the shares. This stop transfer will be in effect for 30 days from June 8, 1999, or until further court order. The court, on June 11, 1999, ordered that the matter be set for formal hearing on the Company's request for a preliminary injunction to extend the stop transfer order until the outcome of the lawsuit. The lawsuit alleges, among other things, that the defendants engaged in manipulative and deceptive practices in connection with their purchase of the Company's stock in violation of Rule lOb-5 of the Securities and Exchange Commission.
CostPlusFive.com, Inc. is in the business of computer sales through its Internet site (http://www.costplusfive.com) and affiliated retail locations.
For more information, contact Tom Yarbray at tyarbray@aol.com .
This press release may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from the statements contained herein. Such risks and uncertainties include, but are not limited to, changes in the performance of the financial markets, changes in the demand for and market acceptance of the Company's products and services, changes in the mortgage and Internet industry, and the impact of competition, and other risks disclosed from time to time in the Company's regulatory reports and filings.
SOURCE: CostPlusFive.com, Inc. |
