Update On Suit Filed in Federal Court Requesting Cancellation of Shares.LOS ANGELES--(BUSINESS WIRE)--Sept. 27, 1999-- CostPlusFive.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: USAV USAV United States Army Vessel USAV United States of America Volleyball ) Monday announced an update as to the status of its lawsuit in Federal District Court for the Central District of California against Investors Equity Corp., Wall Street Trading Group Inc., Western Horizon Inc., Joe Elizondo, and Bruce Dorfman in Case No. 99-06010RAP, requesting cancellation of 2,960,000 free trading shares and 3,280,000 restricted shares of the company, in response to investor inquiries. The suit was filed on June 11, 1999. On June 11, 1999, a hearing was held on the plaintiff's request for a restraining order restraining order: see injunction. , which was denied. At the time, a stop order was already in effect on that stock that the plaintiff was seeking to restrain. A preliminary hearing was set by the court on the relief sought by plaintiff on June 28, 1999. On June 28, 1999, the court vacated the Order to Show Cause re Preliminary Injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. , and ordered the plaintiff to re-file documents in support of the injunction requested for a hearing on Aug. 18, 1999. The hearing for Aug. 18, 1999 was taken off calendar. On Aug. 6 and 9, 1999 the plaintiff's Request to Enter Default of Defendants Investor's Equity Investor's equity The balance of a margin account. Related: Buying on margin, initial margin requirement. Trading Corp., Wall Street Trading Group Inc. and Bruce Dorfman was filed, and a default was entered against said defendants on Aug. 9, 1999. On Aug. 24, 1999, said defendants filed a Motion to Set Aside the Default, which was granted on Sept. 13, 1999. On Aug. 27, 1999, plaintiff noticed a motion on its request for preliminary injunction, which was taken off calendar by the Court. The matter has been reset for hearing on Oct. 18, 1999. In one of the affidavits in support of the relief requested, Plaintiff attached a shareholder's report dated July 20, 1999, from its transfer agent, indicating that 4,626,075 free trading shares were outstanding, and a Sept. 9, 1999 report from Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust Corporation (DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). ) indicating 6,058,050 free trading shares outstanding; a discrepancy of 1,431,975 free trading shares. This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from the statements contained herein. Such risks and uncertainties include, but are not limited to, changes in the performance of the financial markets, changes in the demand for and market acceptance of the Company's products and services, changes in the mortgage and Internet industry, and the impact of competition, and other risks disclosed from time to time in the Company's regulatory reports and filings. |
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