NEW YORK, May 23, 2003 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action in the United States District Court for the Central District of California, case number 03-3573, against eUniverse, Inc. ("eUniverse" or the "Company") (Nasdaq:EUNI) and two of the Company's top officers on behalf of investors who purchased the common stock of eUniverse during the period between July 31, 2002 and May 5, 2003, inclusive (the AClass Period@).
The Complaint alleges that eUniverse, a company engaged in developing and operating a network of Web sites providing entertainment-oriented content and certain proprietary products and services, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading statements concerning its publicly reported sales and earnings. In particular, it is alleged 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.
Before the market opened on May 6, 2003, eUniverse issued a press release announcing that it intends to restate its financial statements for the second and third quarters, and possibly the first, of fiscal 2003, and that the restatement will result in a material adverse change to its previously reported financial results.
In response to the Company's announcement, the Nasdaq stock market halted trading in the Company's stock until eUniverse satisfies Nasdaq's request for additional information. Furthermore, on May 8, 2003, eUniverse announced that the Securities & Exchange Commission has opened an informal inquiry into the matter, and that director Jeffrey C. Lapin, who had served on the Company's Audit Committee, had resigned.
If you purchased the common stock of eUniverse during the Class Period, you have until July 11, 2003 to ask the Court to appoint you as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, or if you would like to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca