Does anyone on the Porch follow Xcelera (XLA)? I bought an option Jan171/2 for 6 and change. It made a nice move up 4 7/8 to 26 and change today...then I find this news on it and wonder what effect this will have. Input please? thanks, Depy
XCELERA.COM INC - American Stock Exchange: XLA
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News September 05, 14:14 Eastern Time
Lowey Dannenberg Bemporad & Selinger Files Class Action Against Xcelera.com, Inc.
WHITE PLAINS, NY, Sep 5, 2000 (BUSINESS WIRE) -- Notice is hereby given that
Lowey Dannenberg Bemporad & Selinger, P.C. ("Lowey Dannenberg") has filed a
securities class action lawsuit in the United States District Court for the
District of Connecticut on behalf of all purchasers of Xcelera.com, Inc. (AMEX:
XLA - news) common stock between April 1, 1999 and July 31, 2000 (the "Class
Period").
The complaint charges Xcelera and certain of its senior executives with
violations of the Securities Exchange Act of 1934 for issuing materially false
and misleading statements which inflated the price of Xcelera's common stock.
The complaint further alleges that on July 31, 2000, the company admitted that
(i) as a result of transactions entered into prior to April 1, 1999, current
shareholders were facing a previously undisclosed potential dilution of 32-45%;
and (ii) as a result of a transaction announced on March 22, 2000 with Exodus
Communications, current shareholders could face a previously undisclosed tax of
between $2 and $7 per share. The day after the March 22 announcement, company
insiders sold Xcelera stock worth over $45 million, sold another $45 million
within a week, and, during the entire Class Period, sold more than $200 million
while in possession of material, adverse nonpublic information.
The lawsuit seeks to recover losses suffered by investors who purchased Xcelera
stock during the Class Period. Plaintiffs are represented in this class action
by Lowey Dannenberg, which has extensive experience in class actions and has
served as lead counsel in several similar matters. More information about the
firm and its qualifications is available on the firm's website at www.ldbs.com.
If you are a member of the class described above, you may, not later than
October 10, 2000, move the court to serve as a lead plaintiff, provided you meet
certain legal requirements. If you wish to discuss this action, or have any
questions concerning this notice or your rights or interests with respect to
this matter, please contact
CONTACT: David Harrison
Lowey Dannenberg Bemporad & Selinger, P.C.
Telephone 877-777-3581 (toll free)
Telecopier 914-997-0035
e-mail: ldbs@westnet.com
TICKERS: AMEX: XLA
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