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Microcap & Penny Stocks : HITSGALORE.COM (HITT)

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To: John Sladek who wrote (6080)	10/22/2000 1:55:23 PM
From: Mighty_Mezz	Read Replies (3) of 7056

NEWS! ================ Judge Dismisses Libel Suit Against Bloomberg L.P. LOS ANGELES, Oct 20, 2000 /PRNewswire via COMTEX/ -- Judge Paul Boland of the Los Angeles County, California Superior Court today dismissed a lawsuit against Bloomberg L.P. and David Evans. The lawsuit alleged that Bloomberg News columnist David Evans libeled Hitsgalore.com, Inc., in a May, 1999 story which revealed that the Hitsgalore.com had failed to disclose to the Securities and Exchange Commission that its CEO had been sued by the Federal Trade Commission for making false and deceptive statements about an online advertising company that he worked for. In his decision, Judge Boland relied on California's anti-SLAPP (Strategic Lawsuit Against Public Participation) statute in dismissing the case. The statute allows courts to dismiss libel claims when the defendant's statements concern a "public issue" and the plaintiff is unlikely to succeed on the merits. The statute protects parties from "generally meritless suits brought by large private interests ... " which are designed "to chill the defendant's First Amendment rights." The court found that Bloomberg met its burden under the statute to show that the Bloomberg News story was a form of free speech "in connection with a public issue" because Hitsgalore.com was a public company with 49 million outstanding shares valued at $1 billion. Since Hitsgalore.com could not prove "falsity of the express factual statements in the articles," it could not establish a "probability that it would prevail on the merits of its libel claims." The judge also found that Hitsgalore.com could not prove actual malice. The suit was dismissed and Hitsgalore.com was ordered to pay Bloomberg's attorney's fees. siliconinvestor.com ======== Considering cash balance on last 10Q, one wonders how they're going to pay Bberg's attorney's fees. It would be positively poetic if this unpayable bill is what forces hitt into BK. LOL! ... Mezz -

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