NEW YORK, June 6, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Central District of California on behalf of all purchasers of eUniverse Inc. ("eUniverse" or the "Company") (Nasdaq:EUNI) securities between July 30, 2002 and May 5, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning eUniverse's financial results and business prospects. Specifically, the complaint alleges that eUniverse failed to disclose that: (i) the Company had materially overstated its net income and earnings per share; (ii) that the Company lacked adequate internal controls; and (iii) that as a result, the value of the Company's net income and financial results were materially overstated throughout the Class Period. On May 6, 2003, however, eUniverse shocked the market by announcing that it would restate its financial results for the second and third quarters of the year ended March 31, 2003 and possibly for the first quarter of Fiscal 2003. Following this announcement, the NASDAQ halted trading in the Company's securities. Additionally, on May 8, 2003, eUniverse announced that the United States Securities and Exchange Commission ("SEC") had begun an informal inquiry into the announced restatement.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired eUniverse securities between July 30, 2002 and May 5, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased eUniverse securities during the Class Period, you may, not later than July 11, 2003, 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:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Avozzolo@faruqilaw.com TICKER: NASDAQ: EUNI
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca