NEW YORK, June 12, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit) on behalf of a class (the "Class") of all persons who purchased securities of eUniverse, Inc. ("eUniverse " or the "Company") (Nasdaq:EUNI) between July 30, 2002 and May 5, 2003 inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of eUniverse securities.
The Complaint alleges that eUniverse, issued false and misleading press releases and SEC filing concerning its publicly reported sales and earnings. In particular, the complaint alleges 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.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired eUniverse securities during the Class Period. If you purchased or otherwise acquired eUniverse securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased eUniverse securities during the Class Period, you may, no later than July 11, 2003 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 plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian Esq. of Abbey Gardy, LLP at (212) 889-3700 or 800-889-3701. Or e-mail nkaboolian@abbeygardy.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca