Bernstein Litowitz Berger & Grossmann LLP Files Class Action Against CyberShop.com, Inc..Business & Legal Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of AND SAN DIEGO--(BUSINESS WIRE)--March 2, 2000 The following is an announcement by the law firm of Bernstein Litowitz Berger & Grossmann LLP LLP - Lower Layer Protocol : Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(I), Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") hereby gives notice that on March 2, 2000, it filed a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax against CyberShop.com, Inc. ("CyberShop" or the "Company"), and certain of its officers and directors, in the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court. The Honorable Garrett E. . The class includes all purchasers of CyberShop common stock (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYSP) from October 27, 1999, through February 29, 2000, inclusive (the "Class Period"). Excluded from the Class are defendants, officers and directors of the corporate defendant, and predecessors, successors, assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of or affiliates of any such excluded party. The Complaint alleges that, during the Class Period, CyberShop issued materially false and misleading statements concerning its business and financial results, and included these false and misleading statements in various press releases and filings with the Securities and Exchange Commission. Specifically, although CyberShop publicly announced that its net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight had increased 458% for the quarter ended September 30, 1999 over the same quarter of the prior year, it concealed con·ceal tr.v. con·cealed, con·ceal·ing, con·ceals To keep from being seen, found, observed, or discovered; hide. See Synonyms at hide1. the fact that sales for its flagship operation, www.cybershop.com, fell 28% as compared to the same period of the prior year. Plaintiff further alleges that these false statements caused the price of CyberShop common stock to be artificially inflated, trading as high as $14.25 per share. Plaintiff further alleges that, while defendants were in possession of this material adverse information, they sold approximately $7.4 million worth of their CyberShop holdings and CyberShop sold $6 million worth of stock and warrants in a private placement. At the end of the Class Period, the Company finally disclosed that sales for its flagship operations were extremely poor and that the company would have to close its two largest online stores and effectively exit the e-tailing business. Following these announcements, the price of CyberShop common stock closed at $3.9375 per share, reflecting a decline of more that 70% from its Class Period high of $14.25 per share. Plaintiff is represented by the law firm of Bernstein Litowitz Berger & Grossmann LLP ("BLB&G"), which maintains offices in New York, New Jersey and California. If you are a member of the Class described above, you have several options with respect to your participation in this Action. First, you may choose to do nothing, in which case, if the Court certifies the Class described above, you should still be able to participate in the Action as a member of the Class, and share in any recovery obtained in the Action on behalf of the Class. Second, you may apply, through any counsel of your choice, to serve as Lead Plaintiff on behalf of the Class. The Lead Plaintiff is responsible for overseeing the prosecution of the Action and ensuring that the interests of the Class are protected. The Lead Plaintiff's duties include, among other things: (i) selecting and retaining counsel to represent the Class; (ii) meeting and consulting with counsel to supervise the conduct of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; and (iii) appearing at depositions and/or at trial, as necessary and ordered by the Court. Third, you may apply to be appointed Lead Plaintiff through BLB&G, by contacting the individuals set forth below. BLB&G specializes in prosecuting class actions nationwide on behalf of public pension funds and other institutional or significant individual investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts, and has recently served as co-lead counsel for the Class in In re Cendant Corporation Litigation, which resulted in a settlement in excess of $3 billion in cash. If you wish to apply to be Lead Plaintiff in this Action, a motion must be filed on your behalf with the Court no later than May 1, 2000. To learn more about this Action, the claims asserted in this case, and your rights in connection therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. , you may contact Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Gans of Bernstein Litowitz at 800-380-8496 or 212-554-1400, or by E-mail: Robert@blbglaw.com. |
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