2TheMart.Com, Inc. and Top Officers and Directors Are Sued by the Shareholders in Class Action Lawsuit Filed by Keller Rohrback LLP
SEATTLE--(BUSINESS WIRE)--Oct. 20, 1999--Keller Rohrback LLP announced that a new federal class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired 2TheMart.Com Inc. ("2TheMart" or the "Company") (OTCBB:TMRTE) common stock between Jan. 19, 1999 and Aug. 26, 1999 (the "Class Period").
Shareholders are asserting that 2TheMart and certain officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) established thereunder. They charge that defendants rendered 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 flow to 2TheMart and its shareholders.
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.
2TheMart.com shares increased 25-fold in January, after the company announced that its web site was in final development and expected to be up and running before the end of the second quarter 1999. 2TheMart shares subsequently lost approximately 84% of their value after the Company revealed that the inauguration of its web site would be delayed and that it would need additional capital to remain viable.
On Sept. 13, 1999, 2TheMart's ticker symbol was changed from TMRT to TMRTE indicating that the company is delinquent in its filings and may face removal from the OTC Bulletin Board.
Keller Rohrback L.L.P. is a law-firm headquartered in Seattle that has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments on behalf of its clients in excess of five billion dollars. Keller Rohrback L.L.P. is currently involved in cases and investigations involving Amplidyne, Inc. (NASDAQ:AMPD), IKON Office Systems (NYSE:IKN), and WorldPort Communications (OTCBB:WRDP), among others.
If you wish to discuss this announcement, have information relevant to the case, wish to learn about your rights to seek to serve as a lead plaintiff, or have any questions on how to join as a class representative in any securities class action, you may contact Keller Rohrback L.L.P. (Lynn L. Sarko or Elizabeth Leland, Esq.) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com. Those who inquire by e-mail are asked to provide their mailing address and telephone number.
CONTACT:
Keller Rohrback L.L.P.
Jen Veitengruber, 800/776-6044
investor@kellerrohrback.com
www.SeattleClassAction.com
TICKERS: OTCBB:TMRTE NASDAQ:AMPD
KEYWORD: WASHINGTON
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