Law suit #2
Friday January 14, 10:23 pm Eastern Time
Company Press Release
Specter Specter Evans & Manogue, P.C. Files
Class Action Against Freemarkets, Inc. and
Its Officers and Directors
PITTSBURGH--(BUSINESS WIRE)--Jan. 14, 2000--Specter Specter Evans & Manogue, P.C.
(http://ssem.com) announced that a class action has been commenced in the United States District Court for the
Western District of Pennsylvania on behalf of purchasers of FreeMarkets, Inc. (''FreeMarkets'')
(Nasdaq:FMKT - news) securities during the period between December 10, 1999 and January 4, 2000 (the
''Class Period'').
If you want to serve as lead plaintiff, you must move the Court no later than 60 days from January 5, 2000. If
you want to discuss this action or have any information or any questions concerning this notice or your rights or
interests, contact plaintiff's counsel, John C. Evans or David J. Manogue at 800/642-5297 or via email at
jce@ssem.com.
The complaint charges FreeMarkets and certain of its officers and directors with violations of the Securities
Exchange Act of 1934. The complaint alleges that during the Class Period (12/10/99 through 1/4/00)
FreeMarkets stock soared from its Initial Public Offering (''IPO'') price of $48 per share to $350 per share as it
misrepresented the status of its relationship with General Motors (''GM'').
It's alleged that FreeMarkets concealed the fact that GM, one of its largest customers, had signed an agreement
with a competitor (Commerce One) to create an internet auction site which would eliminate all of FreeMarkets'
business from GM.
The complaint further alleges that individual defendants knew that disclosure of the Commerce One/GM
agreement in its Prospectus/Registration Statement would destroy FreeMarkets' chances of going public and
were determined to conceal the news of the Commerce One/GM agreement until after FreeMarkets had gone
public.
The Complaint charges that defendants knowingly concealed the fact that they were informed about GM's
contractual relationship with Commerce One prior to the IPO. FreeMarkets raised $160 million in its 12/10/99
IPO.
FreeMarkets' stock price traded at inflated levels during the Class Period, increasing to as high as $370 on
1/3/00 and plummeted to $198 on 1/14/2000.
Plaintiff seeks to recover damages on behalf of all purchasers of FreeMarkets securities during the Class Period.
The plaintiff is represented by Specter Specter Evans & Manogue, P.C., who has extensive experience in
securities class action cases and has held leading roles in major complex litigation throughout the nation, including
the recent $1.645 billion settlement with Metropolitan Life Insurance Company and the $67 million settlement
with CBS, formerly Westinghouse Electric.
If you would like to discuss this action or if you have any information or any questions concerning this Notice or
your rights as a potential class member or lead plaintiff, contact John C. Evans or David J. Manogue of Specter
Specter Evans & Manogue, P.C., The 26th Floor Koppers Building, Pittsburgh, PA 15219, 800/642-5297 or
412/642-2300 [email: jce@ssem.com)
Contact:
Specter Specter Evans & Manogue, P.C., Pittsburgh
John C. Evans or David J. Manogue
800/642-5297 or 412/642-2300) |
