NEW YORK, March 8, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of all securities purchasers of Audible, Inc. (Nasdaq:ADBL) ("Audible" or the "Company") between November 2, 2004, and February 15, 2005 inclusive (the "Class Period").
The complaint charges Audible, Donald R. Katz, and Andrew P. Kaplan with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company intended to pursue new business initiatives; (2) that the Company's growth, through these expensive initiatives, would severely undermine Audible's margins and earnings; and (3) that as a consequence of the foregoing the Company's ambitious growth plan posed a substantial risk to the future stability of the Company and its stock price.
On February 15, 2005, Audible announced financial results for the fourth quarter and full year ended December 31, 2004. In addition, the Company disclosed plans to launch several new business ventures. Company's expansive and expensive plans undermined Audible's future earnings and the stock. News of this shocked the market. Shares of Audible fell $9.38 per share or 35.13 percent per share, on February 16, 2005, to close at $17.32 per share.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Audible securities on any world exchange between November 2, 2004 and February 15, 2005, and sustained damages, you may, no later than April 25, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.