Milberg Weiss Files Class Action Suit Against eUniverse Inc.
SAN DIEGO--(BUSINESS WIRE)--May 29, 2003--Milberg Weiss (http://www.milberg.com/cases/euniverse/) today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of eUniverse Inc. ("eUniverse") (NASDAQ:EUNI) publicly traded securities during the period between July 30, 2002 and May 5, 2003 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 12, 2003. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@milberg.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at milberg.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges eUniverse and certain of its officers and directors with violations of the Securities Exchange Act of 1934. eUniverse operates a network of Web sites and e-mail newsletters that provide millions of users with entertainment content, as well as products and services.
The complaint alleges that during the Class Period, defendants caused eUniverse's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, certain eUniverse officers were able to sell their own shares at artificially inflated prices.
On May 6, 2003, before the market opened, eUniverse revealed that its results for Q2-Q3 fiscal 2003, and possibly other quarters, were false when issued. Trading in the stock was halted by the SEC on this news.
Plaintiff seeks to recover damages on behalf of all purchasers of eUniverse publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes
Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Fla., Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.
CONTACT:
Milberg Weiss Bershad Hynes & Lerach LLP
William Lerach, 800/449-4900
wsl@milberg.com
TICKERS: NASDAQ:EUNI
SOURCE: Milberg Weiss Bershad Hynes & Lerach LLP
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05/29/2003 14:03 EASTERN |
