Yet a 4TH Law Firm Now Involved in INSP Lawsuit...
Perhaps some attorney out there could help us understand why so many different attorneys are jumping in on this deal, and what it all means. Virtually the same wording in each press release. This new law firm joining the case today (still is "today" in PT) is based in Little Rock, Ark. of all places...Geesh, seems a long way from Bellevue, WA...but I guess this is what they mean about sharks smelling blood in the water many miles away. <g>
biz.yahoo.com
Wednesday June 20, 9:00 pm Eastern Time
Press Release
SOURCE: Cauley Geller Bowman & Coates, LLP
Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against InfoSpace Inc.
LITTLE ROCK, Ark., June 20 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of InfoSpace Inc. (Nasdaq: INSP - news; ``InfoSpace'' or the `"Company") securities during the period between January 26, 2000 and January 30, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at classlawyer.com.
The complaint charges InfoSpace and its founder and Chairman, Naveen Jain, with violations of the Securities Exchange Act of 1934. The complaint alleges that between January 2000 and January 2001, defendants disseminated false and misleading information concerning InfoSpace's actual FY 1999 and FY 2000 financial performance and defendants' expectations concerning InfoSpace's FY 2001 revenue and earnings. In fact, neither InfoSpace's reported FY 1999 and FY 2000 results nor its projected FY 2001 performance were accurate. Defendants' public representations were the result of defendants' efforts to manipulate InfoSpace's reported earnings and expected FY 2001 performance and were designed to (and did) allow: i) Jain to sell millions of dollars of his own InfoSpace shares at artificially inflated prices; and (ii) allow defendants to complete a series of acquisitions using shares of InfoSpace's artificially inflated stock as currency, including the October 2000 acquisition of Go2Net. On January 30, 2001, after defendants had completed several acquisitions using inflated InfoSpace shares as currency, defendants disclosed that, contrary to the representations made by them during 2000 that InfoSpace was experiencing strong revenue growth during 4Q99 and FY 2000, and that InfoSpace would continue to post strong revenue growth through FY 2001, InfoSpace would report no revenue growth or EPS for FY 2001, but rather would report declining revenue and a significant loss for the year. As defendants began to reveal some of their improper conduct, including the fact that defendants' projected revenues and earnings estimates were false, InfoSpace's shares fell to less than $6 per share, a 95% decline from their Class Period high of $138-1/2 per share.
If you bought the securities of InfoSpace between January 26, 2000 and January 30, 2001, inclusive, you may, no later than August 20, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at classlawyer.com.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Client Relations Department:
Jackie Addison, Sue Null or Charlie Gastineau
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
SOURCE: Cauley Geller Bowman & Coates, LLP
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