LITTLE ROCK, Ark., March 23, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Western District of Washington on behalf of all individuals and institutional investors that purchased the publicly traded securities of Amazon.com, Inc. ("Amazon" or the "Company") (Nasdaq:AMZN) between February 2, 2000 and March 9, 2001, inclusive (the "Class Period").
The complaint charges Amazon and certain of its officers and directors with violating federal securities laws. Specifically, the complaint alleges that at the beginning of the Class Period, Amazon announced favorable 4Q 1999 results and announced partnerships it said would represent $500 million in revenue over the next five years. On February 16, 2000, defendants completed an offering of Euro 690 million in 6.875% convertible subordinated notes due 2010, pursuant to a Prospectus dated 2.11.00. The Offering provided that Amazon would receive $663 million in net proceeds. However, defendants concealed from the public that the payments from the partnerships would be in stock, not cash, and the actual receipt of this money was uncertain at best. Furthermore, on March 9, 2001, it was revealed that Amazon's CEO was being investigated for selling 800,000 shares of the company's stock prior to a negative report by an analyst assigned to cover Amazon. News of the insider trading allegations caused the market to continue to batter Amazon's common stock price which is now 86% off its Class Period high.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits 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 May 21, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Sue Null, Charlie Gastineau or Jackie Addison
P.O. Box 25438
Little Rock, AR 72221
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca