CyberShop.com Announces That It Believes Class Action Suits are Meritless; Company Intends to Vigorously Defend Suit and Retains Weil, Gotshal and Manges
Business Wire - March 02, 2000 15:40
JERSEY CITY, NJ--(BUSINESS WIRE)--March 2, 2000-- CyberShop.com(R), Inc. (NASDAQ: CYSP), today announced that it intends to vigorously defend against the filed securities class action suits. "We believe the claims are meritless, and we have retained Weil, Gotshal and Manges, a leading national law firm with one of the preeminent securities litigation defense practices to represent us in the actions," stated Jeff Tauber, Chairman and CEO of CyberShop. "More important, although the lawsuits are an unfortunate distraction, we will continue to focus our energies on our business and the many opportunities that we are seeing in our new Internet incubator strategy."
About Cybershop.com
Cybershop.com, Inc., through Grove Street Ventures, is one of the
first publicly traded Internet incubators. Its mission is to identify
and develop attractive early stage Internet companies. Grove Street
will provide these companies management, marketing, financing
(including early stage seed capital), human resources, accounting
resources, use of its facilities and its extensive expertise in
business development. In return, Grove Street will receive substantial
equity positions. Grove Street Ventures also operates its online and
direct response company, Tools for Living. Tools for Living's website
is located at www.toolsforliving.com. In order to reflect its new
focus, CyberShop.com, Inc anticipates changing its name and Nasdaq
trading symbol in the near future. Grove Street Ventures' web site
will be located at www.grovestreetventures.com.
Safe Harbor
This announcement contains forward-looking statements that
involve risks and uncertainties that include, among others, the
Company's limited operating history, anticipated losses,
unpredictability of future revenues, potential fluctuation in
quarterly operating results, seasonality, competition, risks
associated with system development and operation risks, management of
potential growth, as well as the inherent risks and uncertainties of
litigation, and risks of new business areas and strategic alliances.
CONTACT: Investor Contact:
CyberShop.com Inc.
Steve Del Vecchia
Director of Investor Relations
Tel. 201/234-5007
steved@cybershop.com
marketwatch.newsalert.com
Hope the lawyers get a retainer in cash.
Jack |
