Faruqi & Faruqi, LLP Files Class Action Lawsuit Against Sotheby's.Business Editors NEW YORK--(BUSINESS WIRE)--March 3, 2000 The following announcement was issued by the law firm of Faruqi & Faruqi, LLP LLP - Lower Layer Protocol : Notice is hereby given that 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 has been commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of 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 on behalf of all purchasers of Sotheby's Holdings, Inc. (NYSE NYSE See: New York Stock Exchange : BID) ("Sotheby's" or the "Company") common stock between February 11, 1997 and February 21, 2000, inclusive (the "Class Period"). The Complaint charges Sotheby's and certain of its executive officers with violating the federal securities laws by failing to reveal that during the Class Period the Company was conspiring with Christie's International to fix the commission rates charged for goods sold at the auction houses. As a result, Sotheby's revenues and financial results relied on an illegal price fixing price fixing n. a criminal violation of federal anti-trust statutes, in which several competing businesses reach a secret agreement (conspiracy) to set prices for their products to prevent real competition and keep the public from benefiting from price competition. arrangement. The Complaint further charges that defendants' false and misleading statements artificially inflated the price of Sotheby's common stock during the Class Period. Plaintiff seeks to recover damages on behalf of all purchasers of Sotheby's common stock during the Class Period, excluding the defendants and their affiliates. Plaintiff is represented by the law firm of Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. If you purchased Sotheby's common stock during the Class Period, you may, not later than April 11, 2000, move the court to serve as lead plaintiff of the class, 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, please contact: |
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