NEW YORK, Feb. 3, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP:
YOU ARE HEREBY NOTIFIED that a Class Action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Purchase Pro, Inc. securities ((Nasdaq:PPRO) now known as Pro-After, Inc.) during the period from March 20, 2000 through May 21, 2001 (the "Class Period").
The Complaint charges AOL, America Online and certain of AOL's officers with violating the federal securities laws and/or state law by vastly overstating PPRO's revenues and earnings through a series of fraudulent transactions between PPRO and AOL.
The Complaint charges that each defendant violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 10b-5. It also charges Robert Pittman (who was AOL's President and COO during the Class Period) and David Colburn (who was a senior officer of AOL during the Class Period) with violating Section 20(a) of the Exchange Act and charges America Online, Inc. and AOL Time Warner, Inc. with liability for the individual defendants' violations of the securities laws.
After the truth was revealed about the fraudulent deals between PPRO and AOL, the prices of PPRO's securities collapsed and PPRO filed for bankruptcy protection.
The Class Action seeks to recover damages on behalf of all purchasers of PPRO's securities during the Class Period. Excluded from the Class are the defendants and members of their immediate families, any entity in which a defendant has a controlling interest and the heirs of any such excluded party.
Plaintiff is represented by the law firm of Squitieri & Fearon, LLP which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. If you are a member of the class described above, you may, not later than April 3, 2004, move the court to serve as lead plaintiff of the Class, if you so choose.
In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interest, please contact plaintiff's counsel Lee Squitieri of Squitieri & Fearon, LLP at (212) 575-2092 or by e-mail at lee@sfclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca