Oh, you must have meant this -
Weiss & Yourman Announces Class Action Lawsuit Filed Against EConnect, Inc. On<p>Behalf Of Shareholders Who Purchased Stock Between November 23, 1999 and March<p>13, 2000
LOS ANGELES, Mar 14, 2000 /PRNewswire via COMTEX/ -- A class action lawsuit was
filed in U.S. District Court on behalf of purchasers of EConnect, Inc. (OTC
Bulletin Board: ECNC) common stock between November 23, 1999 and March 13, 2000
inclusive (the "Class Period"), including those individuals who acquired their
EConnect securities in exchange for shares, ADRs, or options in other companies
which were acquired by the Company.
EConnect is a provider of a merchant portal, powerclick.com, that features over
200 merchant listings aimed at generating revenues based on fees per click.
Also, EConnect has "internet cash payment portals" which aim to sign up
merchants and generate revenues through merchant application fees, listing fees,
affiliate link fees and transaction fees. Additionally, EConnect is in the
business of developing hardware and software systems designed to enable online
remote, credit and ATM card based transactions, such as those used for online
gambling.
According to the complaint, during the Class Period, defendants made false and
misleading statements and/or omissions concerning the financial condition and
business prospects of the Company, as well as the financial benefits that would
enure to EConnect and its shareholders, while disregarding information which
would have been of material importance to any reasonable shareholder. For
example, the complaint alleges that defendants failed to disclose: (a) that,
contrary to EConnect's November 23, 1999 press release, EConnect had never
acquired Top Sports SA; (b) that, contrary to EConnect's February 22, 2000 press
release, EConnect was not generating anywhere near $10,000 a day from its
PowerClick division's network of websites; (c) that, contrary to EConnect's
February 28, 2000 press release, EConnect did not have a strategic alliance with
Empire Financial Group, Inc.; and (d) that, contrary to the implication of
EConnect's February 29, 2000 SEC filing, EConnect did not have an agreement to
use an internet cash payment system developed by SafeTpay.
According to the complaint, since the disclosure of these, and other, adverse
facts would have caused a severe collapse in the price of the Company's stock,
defendants set out on a scheme to conceal these facts in order to artificially
inflate EConnect's stock price.
The Company's common stock traded as high as $21 on March 9, 2000, and was
maintained at these allegedly inflated levels until the SEC halted trading in
the shares on March 13, 2000 in view of suspicion that the Company was issuing
false and misleading press releases to artificially inflate the Company's share
price.
Plaintiff seeks to recover damages on behalf of class members and is represented
by the law firm of Weiss & Yourman who has significant experience and expertise
in prosecuting class actions on behalf of investors and shareholders.
If you are a member of the class described above, you may, no later than May 13,
2000, move the Court to serve as lead plaintiff, if you so choose. In order to
serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action, or have any questions concerning this
notice, or your rights or interests with respect to this matter, please contact
plaintiffs' counsel listed below.
Contact: Mark A. Gordon, Esq. of Weiss & Yourman, 800-437-7918, wyinfo@wyca.com
SOURCE Weiss & Yourman
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Mark A. Gordon, Esq. of Weiss & Yourman, 800-437-7918,
wyinfo@wyca.com
KEYWORD: California
INDUSTRY KEYWORD: MLM
SUBJECT CODE: LAW
URL: wyca.com |
