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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (4816)	12/21/1999 6:43:00 PM
From: Tom Terf	Respond to of 7056

HITT has no cash to pay for sharesuit in any event. Unless the LFT comes through .. LOL

To: Mighty_Mezz who wrote (4816)	12/21/1999 6:45:00 PM
From: BORIS BADENUFF	Respond to of 7056

newsalert.com November 10, 1999, the Company's attorneys, Carl F. Schoeppl and Daniel J. Becka of Schoeppl & Burke, P.A. (Boca Raton, Florida), filed a motion to dismiss the Amended Complaint on the basis that the allegations stated therein failed to state a claim for relief under the federal securities laws. "In 1995, Congress enacted the Private Securities Litigation Reform Act ("PSLRA") in an attempt to eliminate frivolous class action lawsuits that were being filed by plaintiffs whenever there was a significant change in the price of a company's stock, without regard to any actual culpability on the part of the company and its officer and directors," explained Mr. Becka. The first of the three consolidated lawsuits against Hitsgalore.com was filed only two days after the issuance of a Bloomberg article which falsely implied that the Company fraudulently failed to disclose in a February 1999 filing with the Securities and Exchange Commission the existence of an FTC complaint brought against Dorian Reed and others relating to Internet Business Broadcasting, Inc., an online advertising company that closed in 1997 with which Mr. Reed was associated. The Company's stock price decreased dramatically as a result of that story.

To: Mighty_Mezz who wrote (4816)	12/21/1999 9:28:00 PM
From: TideGlider	Read Replies (1) \| Respond to of 7056

Not totally tossed. There may be a suitable amendment. TG

To: Mighty_Mezz who wrote (4816)	12/22/1999 4:23:00 AM
From: Jeffrey S. Mitchell	Read Replies (2) \| Respond to of 7056

The first of the three consolidated lawsuits against Hitsgalore.com was filed only two days after the issuance of a Bloomberg article which falsely implied that the Company fraudulently failed to disclose in a February 1999 filing with the Securities and Exchange Commission the existence of an FTC complaint brought against Dorian Reed and others relating to Internet Business Broadcasting, Inc., an online advertising company that closed in 1997 with which Mr. Reed was associated. The Company's stock price decreased dramatically as a result of that story. This is from the PR from HITT you cited. Notice how HITT blames their declining share price on Bloomberg, not the people they sued for defamation. Speaking of frivolous lawsuits... - Jeff