The FTC website has been updated to show the failure of Reed's appeal. Recall that the suit was for IBB, a predecessor company to Hitsgalore, which was named for "Deceptive practices in sale of Internet Billboard business opportunities"
See the next post.
Funny that the company hasn't filed an 8-k to disclose this material event, or the terms of the injunction against Reed that he must now function under. It's especially funny, considering that previous filings made the following statement:
As of May 20, 1999, Mr. Reed is
exploring his legal options for resolving the dispute, including the
possibility of appealing or vacating the judgment.
Well, actually it isn't funny. One could argue that the lack of disclosure is deceptive.
OTOH, I suppose there's nothing new about him being deceptive, since the FTC sued him successfully for being, in their words, "deceptive." |
