Purchasers 2/3/2000 - 10/6/2000
On October 6, 2000, Interspeed, Inc. announced that the Company "may have" improperly recognized revenue during each quarter of fiscal 2000 and that the Company anticipated that the interim periods would be restated. CEO Stephen Ide "resigned" as an officer and director; Arthur Goodwin, Sr. VP of Sale was terminated, together with Christopher Whalen, VP of Sales. The Company announced that gross revenues for the fourth quarter would be substantially below analysts' estimates and that the Company would record a net operating loss for the fourth quarter that "substantially exceeds" analysts' estimates. On news of the accounting improprieties, ISPD stock fell more than 54% in one day, closing at $1-3/4, down $2-3/32 from its previous day's close of $3-27/32.
If you purchased ISPD shares during the period 2/3/2000 - 10/6/2000, you may be a member of a class of injured security holders. If you have information which would help us prosecute Interspeed, Inc., please contact us at mail@schubert-reed.com. If you want more information about the case against Interspeed, Inc. or class action lawsuits, please review our web site at schubert-reed.com. |
