Grady & Associates, L.P.A. Announces Class Action Lawsuit Filed Against First Union Securities, Inc. on Behalf of Shareholders Who Purchased Ask Jeeves, Inc. Stock Between November 18, 1999 and December 31, 2000
NAPLES, Fla., June 14 /PRNewswire/ -- Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(i), Grady & Associates, L.P.A. gives notice that on May 14, 2001 an action was commenced in Nicholas LaGrasta v. First Union Securities, Inc., Case No. 2:01-CV-251-FTM-29DNF, and is pending before the Honorable John E. Steele in the United States District Court for the Middle District of Florida, located at 2110 First Street, #2-194, Fort Myers, FL 33901. On May 30, 2002 a second amended class action complaint was filed in that action on behalf of all persons who purchased Ask Jeeves, Inc. stock between November 18, 1999 and December 31, 2000, and who were damaged thereby.
The second amended complaint asserts a cause of action for violations of Sections 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The second amended complaint alleges that defendant First Union Securities, Inc. omitted from the reports and recommendations issued by its analysts on Ask Jeeves information regarding conflicts of interest caused by First Union Securities' inconsistent roles as an investment banker competing for Ask Jeeves' business and as a investment advisor and retail securities broker rendering allegedly unbiased advice and opinions on Ask Jeeves for the use and benefit of investors. As alleged in the second amended complaint, this conflict resulted in the issuance of false and misleading analyst reports, which resulted in a fraud on the market and on Class members.
Plaintiffs seek to recover damages on behalf of all Class members and are represented by the law firm of Grady & Associates, L.P.A. Grady & Associates, L.P.A. maintains an office in Naples, Florida. The firm is active in major class actions and complex commercial litigations pending in federal and state courts throughout the United States.
If you are a member of the Class described above, you may, not later than 60 days from the date of this Notice, move the Court to serve as lead plaintiff of the Class, if you so choose. 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. Your ability to share in any recovery is not, however, dependent on whether or not you serve as a lead plaintiff. You may retain the law firm set forth herein, or any other counsel of your choice, to serve as your counsel in this action.
In order to serve as lead plaintiff, you must meet certain legal requirements that are identified in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. S 78u-4(a)) (the "PSLRA") and are designed to identify those plaintiffs who are the most capable of dictating the course of the litigation. These requirements include, among other things, that you did not purchase Ask Jeeves common stock at the direction of counsel for the purposes of litigation; are willing to be a representative and, if necessary, to testify at deposition or trial; identify whether or not you have served or sought to serve as a representative party in a securities litigation in the past three years, and if so, to identify the cases; and that you will not accept payment for serving as a representative party. In addition, the PSLRA includes the rebuttable presumption that the most adequate plaintiff has the largest financial interest in the relief being sought by the class.
It is important to know that you have the right to move the court for your appointment as lead plaintiff through any counsel of your choice. Alternatively, if you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to this matter, you may contact the counsel listed below.
CONTACT: Thomas R. Grady, Esq.
Grady & Associates, L.P.A.
720 Fifth Avenue South, Suite 200
Naples, FL 34102
Telephone: (941) 261-6555
Facsimile: (941) 261-1192
E-Mail: gradylaw@Gradylaw.com
or
Susan R. Healy, Esq.
Grady & Associates, L.P.A.
720 Fifth Avenue South, Suite 200
Naples, FL 34102
Telephone: (941) 261-6555
Facsimile: (941) 261-1192
E-Mail: shealy@gradylaw.com
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SOURCE Grady & Associates, L.P.A.
CO: Grady & Associates, L.P.A.; First Union Securities, Inc.; Ask Jeeves, Inc.
ST: Florida
SU: LAW
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06/14/2002 13:58 EDT |
