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Pastimes : Business Wire Falls for April Fools Prank, Sues FBNers -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (3318)	7/27/1999 9:32:00 PM
From: Tom C	Respond to of 3795

Jeff, I like this part the best: Moore Stephens Lovelace, P.A. stated that its withdrawal as auditor of record for Hitsgalore.com, Inc. was due to the Company not meeting the "Firm's client acceptance criteria." I wonder what that means? I remember a post by John G (at least I think it was John G), suggesting that Moore Stephens Lovelace was not all that picky based on the clients that show up in the SEC database but I am unable to locate it. Tom

To: Jeffrey S. Mitchell who wrote (3318)	7/27/1999 11:57:00 PM
From: Janice Shell	Respond to of 3795

Hey! That's interesting news! This coming on top of the fantastically profitable quarter the company just so joyously announced? Oh my!

To: Jeffrey S. Mitchell who wrote (3318)	7/28/1999 7:37:00 AM
From: Tom C	Read Replies (1) \| Respond to of 3795

Just to keep BW informed about the company they keep in HITT Maybe your lawyer can work these in pursuant to Federal Rule of Evidence 201 (whatever that means..). Most are BW releases so they must be true. Tuesday June 29, 9:16 am Eastern Time Schiffrin & Barroway, LLP Announces Class Periods for Class Action Complaints Hitsgalore.com Inc. (OTC:HITT - news; Class Period: 02/17/99-05/27/99). Hitsgalore.com and certain of its officers and directors have been charged with failing to disclose that one of its founders, along with two other individuals, had been ordered by a federal judge to pay a total of $613,110 for false claims made by Internet Business Broadcasting, a failed online advertising company where he previously worked. biz.yahoo.com Saturday June 19, 7:59 am Eastern Time Hitsgalore.com, Inc. Named in Shareholder Class Action Suit Filed by the Pomerantz Firm The lawsuit, pending in the United States District Court for the Central District of California, alleges that defendants' violated the federal securities laws by issuing false and misleading information about the Company's management and business condition and that this information artificially inflated the price of the Company's securities. Specifically, the Complaint alleges that defendants failed to disclose material information about the Company's founder, Dorian Reed. On May 11, 1999, it was announced that Dorian Reed, along with two other individuals, was ordered to pay to customers over a half a million dollars for false claims made by a failed online advertising company they worked for. The market reacted swiftly to the shocking news and the price of Hitsgalore's stock dropped over 50% to close at 9 3/8. The Company subsequently reported that Dorian Reed served 10 months in a federal prison for wire fraud in 1992. In addition, it has been reported that the Company's head of investor relations, Frank Pinizzito, was charged with investor fraud while working as a broker. All told, the full disclosure of the Company's fraud has caused the stock to lose a staggering 75 percent from its pre-revelation price. biz.yahoo.com Thursday June 3, 6:49 pm Eastern Time Stull, Stull & Brody Announces Class Action Against Hitsgalore.com Inc. The complaint names as defendants Hitsgalore and its CEO and president, and alleges that the company knew and failed to disclose that its founder, Dorian Reed, along with two other individuals, had been ordered to pay over $600,000 to 100 customers for ''false claims made by Internet Business Broadcasting, a failed online advertising company they worked for.'' As a result of this disclosure, the company's stock price, which had recently skyrocketed from $1.88 a share to a high of $20.69, tumbled to $9.38 a share, for a loss of over 50% of its value in one day. On Wednesday, Reed tendered his resignation as a director of the company. biz.yahoo.com Wednesday May 12, 3:33 pm Eastern Time Weiss & Yourman Retained to Pursue Class Action Claims This retention arises out of yesterday's disclosure that the company knew and failed to disclose that its founder, Dorian Reed, along with two other individuals, had been ordered to pay over $600,000 to 100 customers for ''false claims made by Internet Business Broadcasting, a failed online advertising company they worked for.'' As a result of this disclosure, the company's stock price, which had recently skyrocketed from $1.88 a share to a high of $20.69, tumbled yesterday to $9.38 a share, for a loss of over 50% of its value in one day. biz.yahoo.com Regards Tom