PHILADELPHIA, Oct. 30, 2003 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C.(http://www.bernardmgross.com) announces that a class action lawsuit was commenced in the United States District Court for the Southern District of Florida on behalf of all persons who purchased the securities of Sportsline.com, Inc. (Nasdaq:SPLN) between May 15, 2001 and September 25, 2003 (the "Class Period") seeking remedies under the Securities Exchange Act of 1934.
On September 26, 2003, the Company announced its intention to amend its previously issued historical financial statements from 2001, 2002, and 2003 to correct an error in the way the Company had previously accounted for certain employee stock option grants. The Company's announced restatement would increase net loss for 2001 by approximately $5.0 million from $61.1 million to approximately $66.1 million, for 2002 by approximately $2.3 million from $48.2 million to approximately $50.5 million and for the first six months of 2003 by approximately $700,000 from $22.2 million to approximately $22.9 million. Moreover, the Company reported that a re-audit of its 2001 financial statements was required due to the reclassification of its gaming information operations as discontinued operations in prior period financial statements. The Company's announcement shocked the market, causing shares of SportsLine to fall $0.54 per share, or more than 30.5%, to close at $1.22 per share on September 26, 2003.
If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2003. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross of Law Offices Bernard M. Gross at 866-561-3600(toll-free) or via e-mail at susang@bernardmgross.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Plaintiff seeks to recover damages on behalf of Class members and is represented by Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions.
If you purchased the securities of Sportsline.com, Inc. during the period between May 15, 2001 and September 25, 2003, and sustained damages, you may no later than December 8, 2003 move the Court to serve as lead plaintiff of the Class, if you so choose.
Law Offices Bernard M. Gross recently filed the following class actions:
Company Class Period Lead Plaintiff Deadline Cambrex Corp. (CBM - NYSE). 10/21/98 - 7/25/03 12/16/03 Goodyear Tire (GT) 3/26/99 - 10/22/03 12/22/03
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C. Susan R. Gross, Esq. Deborah R. Gross, Esq. 1515 Locust Street, Suite 200 Philadelphia, PA 19102 Telephone: 866-561-3600 (toll free) or 215-561-3600 E-mail: susang@bernardmgross.com or debbie@bernardmgross.com. Website: http://www.bernardmgross.com