NEW YORK, June 20, 2003 (PRIMEZONE) -- A class action lawsuit has been commenced by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) against eUniverse, Inc. ("eUniverse" or the "Company") (Nasdaq:EUNI) and two of the Company's top officers. The action was filed on behalf of investors who purchased the common stock of eUniverse during the period between July 31, 2002 and May 5, 2003, inclusive (the "Class Period").
The lawsuit alleges that eUniverse issued false and misleading statements concerning its 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. Prior to the market's opening on May 6, 2003, eUniverse announced that it was intending 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.
If you purchased the common stock of eUniverse during the Class Period, you have until 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