Purchasers 1/28/99 - 4/6/99
On April 6, 1999, after the close of trading, FVC.COM admitted that previously announced revenues for the quarter ended December 31, 1998 would be reduced by $7- $7.5 million. The company previously announced "record" revenues of "$12.3 million, a 61 percent increase over revenues of $7.6 million in the fourth quarter of 1997." In fact, FVC.COM only had revenues of approximately $4.7 - $5.2 million for the quarter ended 12/31/98, for a net loss per share of $.20-$.22, instead of the previously announced $.07 net income per share. During the period after the "record" results were announced and the time the company admitted the truth about its quarterly earnings, officers and directors of the company sold 537,500 shares of the company's stock for proceeds in excess of $8,055,795. When the market learned the truth, FVC.COM's stock price fell from $17.375 on April 6, 1999, to $6.938 on April 7, 1999, losing 60% of its value in a single day's trading.
If you purchased FVCX shares during the period 1/28/99 - 4/6/99, you may be a member of a class of injured shareholders. If you have information which would help us prosecute FVC.COM, Inc., please contact us at mail@schubert-reed.com. If you want more information about FVC.COM, Inc. or class action lawsuits, please review our web site at schubert-reed.com. |
