Stull, Stull & Brody Announces Class Action Suit against Exodus

📅 July 19, 2001 - The law firm of Stull, Stull & Brody (secfraud.com) filed aclass action complaint yesterday on behalf of all persons who acquiredExodus Communications, Inc. (exodus.net) securities between March 20, 2001 and June 20, 2001. The complaint charges Exodus, a leading managed hosting provider, and its senior executives, with violations of the Securities Exchange Act of 1934.

The complaint alleges that during the Exodus' executives devised a plan tostop the decline of the company's share price at a time when they knewExodus' business was falling victim to both general economic slowdown andthe dot-com bust. The complaint asserts that defendants issued a series offalse and misleading statements designed to keep Exodus's stock price highwhile certain defendants sold over441,667 shares of Exodus common stock for over $4.2 million in proceeds.
The complaint alleges that as a result of the defendants' conduct, thecomplainants suffered damages. The plaintiff seeks to recover damages onbehalf of class members and is represented by Stull, Stull & Brody, who isexperienced in prosecuting class actions on behalf of shareholders.
This news comes after a similar class action complaint launched againstExodus (among other companies) by the firm of Weiss & Yourman.

Reads: 1789 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/exodus719.cfm

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