Cauley & Geller, LLP Announces Class Action Lawsuit Against IXL Enterprises, Inc. Seeking Damages On Behalf Of Shareholders.Business Editors/Legal Writers BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Sept. 14, 2000 The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol announced today that it has filed a class action in the United States District Court for the Northern District of Georgia The U.S. District Court for the Northern District of Georgia serves the residents of forty-six counties. These are divided up into four districts. The Atlanta district includes: Cherokee, Clayton, Cobb, Internet Coffe Phone, Douglas, Fulton, Gwinnett, Henry, Newton, and on behalf of all individuals and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. that purchased the common stock of IXL Enterprises, Inc. ("IXL" or the "Company") (Nasdaq:IIXL) between February 2, 2000 and September 1, 2000, inclusive (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. the federal securities laws by providing materially false and misleading information about the Company's financial condition and future growth potential. Specifically the complaint alleges that, during the Class Period, defendants repeatedly stated that the Company was experiencing strong growth, when, in fact, customer demand for IXL's products and services was significantly declining. As a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. When the Company revealed on September 1, 2000 that it was experiencing such a slowdown and would miss revenue expectations in the third quarter and record a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss, its stock fell 16% to close at $7 per share, a huge decrease from the Company's Class Period highs in February 2000 of over $48 per share. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits 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 such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by November 7, 2000. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com. |
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