Stull, Stull & Brody Announces Class Action Against FreeMarkets, Inc.Business & Legal Editors NEW YORK--(BUSINESS WIRE)--Jan. 10, 2000 The following was released today by Stull stull n. 1. A supporting timber or other prop in a mine. 2. A platform braced against the sides of a working area in a mine. , Stull & Brody: Notice is hereby given that a securities 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 was filed on January 10, 2000 in the United States District Court for the Western District of Pennsylvania The United States District Court for the Western District of Pennsylvania sits in Pittsburgh, Erie, and Johnstown, Pennsylvania. It is composed of ten judges as authorized by federal law. Chief Judge Donetta W. Ambrose presides. against FreeMarkets, Inc. ("FreeMarkets" or the "Company") (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 :FMKT FMKT Freemarkets, Inc. (stock abbreviation, AMEX) ) and certain of its officers and directors on behalf of all persons who purchased the common stock of FreeMarkets at artificially inflated prices (the "Class") between December 10, 1999 and January 4, 2000, inclusive (the "Class Period") and suffered damage thereby. The complaint alleges that defendants violated the federal securities laws through a series of materially false and misleading statements/omissions concerning the true status of FreeMarkets' relationship with General Motors, one of FreeMarkets' largest customers. Specifically, FreeMarkets concealed the fact that General Motors had signed an agreement with Commerce One to create an Internet auction site which would result in the total evaporation evaporation, change of a liquid into vapor at any temperature below its boiling point. For example, water, when placed in a shallow open container exposed to air, gradually disappears, evaporating at a rate that depends on the amount of surface exposed, the humidity of all of FreeMarkets' business from General Motors. During the Class Period, prices of FreeMarkets' shares soared from the Initial Public Offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ") price of $48 per share to $350 per share. Due to the Company's materially false statements/omissions concerning its relationship with General Motors, prices of FreeMarkets' shares were artificially inflated during the Class Period, such that persons who purchased or otherwise acquired FreeMarkets' shares during the Class Period were damaged by overpaying for their shares. Plaintiff seeks to recover damages on his own behalf and on behalf of all persons who purchased or otherwise acquired FreeMarkets' shares. Plaintiff is represented in this class action by Stull, Stull & Brody, which has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The reputation and expertise of this firm in shareholder and other class actions has been repeatedly recognized by the courts. 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 Howard Longman, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at TSVI@aol.com, or by fax at 212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, 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 , NY 10017. |
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