CORAL SPRINGS, Fla., Oct. 27, 2003 (PRIMEZONE) -- On October 7, 2003, a Securities Class action was filed against SportsLine.com Inc. (Nasdaq:SPLN), Kenneth W. Sanders and Michael Levy. The lawsuit, pending in the United States District Court for the Southern District of Florida, was filed on behalf of purchasers of SportsLine common stock during the period between May 15, 2001 and September 25, 2003 (the "Class Period").
The complaint alleges that SportsLine and certain of its officers and directors issued a series of false and misleading statements about SportsLine's: (1) advertising base and ability to mitigate overall diminished media spending; (2) ability to achieve positive 2002 fourth quarter earnings; (3) successful integration of its fantasy products; and (4) ability to increase SportsLine's value by acquiring the MVP.com store.
According to the lawsuit, defendants knew but did not disclose: (a) SportsLine's fantasy sports business was not a significant revenue source as portrayed to public investors; (b) revenue from advertising sales was diminishing; (c) positive EBITDA earnings could only be achieved by hiding expenses and improperly classifying discontinued operations; and (d) MVP.com's assets did not yield promised value. As a result of defendants' false and misleading public statements, SportsLine's stock traded at inflated prices during the Class Period, increasing to as high as $3.85 on November 27, 2001.
On September 26, 2003, SportsLine revealed that it was reducing its previous revenue and earnings forecasts for the third quarter and full year 2003 and restating its reported financial results for the past two and a half years. In response to SportsLine's devastating news about its financial restatements, SportsLine stock price fell by more than 30%.
If you bought the securities of SportsLine.com Inc., between May 15, 2001 and September 25, 2003 and sustained damages, you may, no later than December 8, 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 plaintiff." Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff. You may retain Mager White & Goldstein, LLP, or other counsel of your choice, to serve as your counsel in this action.
Mager White & Goldstein has offices in Pennsylvania, Florida, and New Jersey. The firm's attorneys have been litigating complex commercial matters for over twenty years. The firm concentrates its practice in the areas of complex commercial litigation with a particular emphasis on securities, antitrust, consumer protection, employment, civil rights and ERISA individual and class actions, as well as labor and employment advice, Lanham Act, trade disparagement, and other types of business tort litigation. Please visit the Mager White & Goldstein website (http://www.mwglawfirm.com) for more information about the firm.
If you wish to discuss the lawsuit against SportsLine with us, or if you have any questions about this notice or your rights and interests with regard to the case, please contact the following attorneys:
Jayne A. Goldstein
-or-
Abraham Rappaport
2825 University Drive Suite 350
Coral Springs, Florida 33065
954-341-0844 Telephone
866-274-8258 Toll Free
954-341-0855 Fax
Website: http://www.mwglawfirm.com
Email: jgoldstein@mwg-law.com
arappaport@mwg-law.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca