RE Michael Marcow: Law Offices of Darren J. Quinn Files Class Action Suit Against Finity
Holdings, Inc., Formerly Known as Columbia Capital Corp.
SAN DIEGO--(BUSINESS WIRE)--Nov. 19, 2001--A class action lawsuit was filed
on November 5, 2001 on behalf of purchasers of the securities of Finity
Holdings, Inc. (OTCBB:FNTY - news) formerly known as Columbia Capital Corp.
(CLK) between October 27, 1997 through November 12, 1999 inclusive (the
``Class Period').
The action, numbered 01 CV 2024, is pending in the United States District
Court for the Southern District of California, against defendants Finity
Holdings, Inc. (fka Columbia Capital Corp.), Finity Corporation (fka First
Independent Computers Corp.), Douglas R. Baetz, Glenn M. Gallant, Chuck
LaMontagne, and Kenneth Klotz. A copy of the complaint filed in this action
is available from the Court.
The complaint charges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder,
by issuing a series of materially false and misleading statements to the
market between October 27, 1997 and November 12, 1999. The complaint also
charges violation of California Corporations Code ss.25400, violation of the
Racketeer Influenced Corrupt Organizations Act, Fraud, Conspiracy,
Negligence, Negligent Misrepresentation and violation of California Business
& Professions Code ss.17200.
At the beginning of the Class Period, defendant Finity Corporation (fka
First Independent Computers Inc.), a subsidiary of Finity Holdings, Inc.
(fka Columbia Capital Corp.) announced that it had signed a processing
contract with BestBank, Boulder, Colorado, to process BestBank's credit card
portfolios. The value of that contract was estimated to be approximately $12
million annually in processing revenue. Two days later, that estimate was
more than doubled to over $25 million in annual processing revenue. Within a
short time, the BestBank contract accounted for more than 92% of credit card
processing revenues.
The complaint alleges the BestBank credit card portfolio, however, was
worthless and/or fraudulent and defendants knew it and that, in fact,
defendants Baetz and Gallant indirectly controlled BestBank. The FDIC took
over BestBank in 1998, but credit card processing of these worthless and/or
fraudulent accounts continued. At the end of the class period, defendants
ceased representing that it would attempt to collect $43.6 million from the
FDIC pursuant to the BestBank processing contract.
If you bought the securities of Finity Holdings, Inc. (FNTY) formerly known
as Columbia Capital Corp. (CLK) between October 27, 1997 through November
12, 1999, you may, no later than January 18, 2002, 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
Darren J. Quinn and/or Thomas Mauriello, or other counsel of your choice, to
serve as your counsel in this action.
If you wish to discuss this action with us, or have any questions concerning
this notice or your rights and interests with regard to the case, please
contact the attorneys below.
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Contact:
Law Offices of Darren J. Quinn, San Diego
Darren J. Quinn, 619/232-9400
or
Law Offices of Thomas D. Mauriello, San Rafael
Thomas D. Mauriello, 415/472-4953 |
