Sep 27, 2002 : Network Commerce Lawsuit Dismissed

📅 September 27, 2002 - Technology infrastructure and services provider Network Commerce Inc. (networkcommerce.com) said on Thursday that the United States District Court for the Western District of Washington in Seattle has dismissed with prejudice the securities class actions filed against the company and its chairman Dwayne Walker.

The litigation, says Network commerce, was a consolidation of multiple class actions dating back as far as May 10, 2001, alleging violations of federal securities laws based on alleged misrepresentations and omissions.
The company and Walker filed a motion to dismiss the consolidated class action complaint in January, based on its failure to state a claim on which legal relief could be granted. On September 24 the motion was granted by the court, which denied the plaintiffs? request to file an amended complaint.
The order, once entered, will be subject to an appeal, says Network Commerce. The company says it does not know if an appeal will be taken.
"We're pleased with the ruling. We are hopeful that we can put the distractions of this litigation behind us," said Scott Dickson, Network Commerce's chief financial officer and acting chief executive officer.

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