LITTLE ROCK, Ark., June 13, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today it had filed a class action in the United States District Court for the District of Nevada on behalf of purchasers of PurchasePro Inc. ("PurchasePro" or the "Company") (Nasdaq:PPRO) common stock during the period between July 20, 2000, and April 26, 2001, inclusive (the "Class Period"). The class period is being expanded to include purchases between April 18, 2000, through May 23, 2001, inclusive.
The complaint charges PurchasePro and certain of its officers and directors with violations of the Securities Exchange Act of 1934. PurchasePro provides Internet business-to-business electronic commerce services. The Company's e-commerce solution is comprised of public and private e-marketplaces where businesses can buy and sell a wide range of products and services. PurchasePro's target customers are primarily small and medium-sized businesses.
The complaint alleges that during the Class Period, defendants made positive but false statements about PurchasePro's results and business, which essentially involved PurchasePro buying its own revenues and engaging in barter transactions. As a result, PurchasePro's stock traded at artificially inflated levels, permitting the two individual defendants to sell $16.9 million worth of their PurchasePro stock.
Then, on April 26, 2001, PurchasePro reported extremely disappointing first quarter 2001 results, including a decline in revenue and a loss from operations. It was not, however, until May 23, 2001 that PurchasePro disclosed that further adjustments to its past financial results would be required.
If you bought the common stock of PurchasePro between April 18, 2000, through May 23, 2001, inclusive, you may, no later than June 25, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html.
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 are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Sue Null or Charlie Gastineau P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: (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.