NEW YORK, June 5, 2003 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action lawsuit against eUniverse, Inc. ("eUniverse" or the "Company") (Nasdaq:EUNI) and two of the Company's top officers on behalf of shareholders who purchased the common stock of eUniverse during the period between July 31, 2002 and May 5, 2003, inclusive (the AClass Period"), shareholders have until Friday July 11, 2003 to seek appointment by the Court as one of the lead plaintiffs in this action.
The Complaint charges that defendants issued false and misleading statements concerning the Company's publicly reported sales and earnings. In particular, it is alleged that defendants overstated the Company's revenues and net income for the second and third quarters, and possibly the first, of the Company's fiscal year ended March 31, 2003.
Before the market opened on May 6, 2003, eUniverse issued a press release announcing that it intends to restate its financial statements for the second and third quarters, and possibly the first, of fiscal 2003, and that the restatement will result in a material adverse change to its previously reported financial results. In response to the Company's announcement, the Nasdaq stock market halted trading in the Company's stock until eUniverse satisfies Nasdaq's request for additional information. Furthermore, on May 8, 2003, eUniverse announced that the Securities & Exchange Commission has opened an informal inquiry into the matter, and that director Jeffrey C. Lapin, who had served on the Company's Audit Committee, had resigned.
If you purchased the common stock of eUniverse during the Class Period, you have until Monday July 11, 2003 to ask the Court to appoint you as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, or if you would like to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca