NEW YORK, May 2, 2001 (PRIMEZONE) -- The Rosen Law Firm (www.rosenlegal.com) announces that there is deadline to file an application to serve as lead plaintiff in the class action litigation on behalf of all persons who purchased the common stock of PartsBase.com (Nasdaq:PRTS) ("PartsBase") during the period beginning March 22, 2000 through April 25, 2000 inclusive.
The deadline to file an application as lead plaintiff is 60 days from April 18, 2001. If you wish to join this litigation as lead plaintiff, or have questions regarding the class action, you may contact Laurence Rosen, Esq. Toll-free at(866) 767-3653 or via e-mail at lrosen@rosenlegal.com or visit www.rosenlegal.com on the Internet.
After over four months of investigative research and evidence gathering, The Rosen Law Firm uncovered strong evidence that PartsBase had misled investors and made material misrepresentations in its initial public offering prospectus. The Rosen Law Firm initiated the class action complaint on behalf of shareholders on April 16, 2001 in the Southern District of Florida.
The Complaint alleges that the IPO prospectus filed by PartsBase with the Securities and Exchange Commission and distributed to investors was false and misleading and failed to disclose, among other things, the fact that the Company had approximately 3,000 paying members. The complaint alleges that the Company misled investors by representing, in the prospectus that it had more than 13,000 paying members. The complaint alleges that this misrepresentation, along with others specified in the complaint, allowed the Company to inflate the price of the stock in the IPO well beyond its true value.
Plaintiff seeks to recover damages on behalf of all persons who purchased PartsBase publicly traded common stock during the period from the initial public offering on March 22, 2000 through April 25, 2000. The plaintiff is represented by The Rosen Law Firm P.A., http://www.rosenlegal.com, who has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud.
The Rosen Law Firm P.A. is a law firm with offices in New York City and New Jersey that concentrates its practice in the representation of shareholders in securities class actions. To join the PartsBase litigation as lead plaintiff or for further information, please visit the Website at http://www.rosenlegal.com or email lrosen@rosenlegal.com or call toll-free (866) 767-3653 for more information.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca