BOULDER, Colo., Sept. 8, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating certain officers and directors of CBeyond, Inc. ("CBeyond") (Nasdaq:CBEY) who may have caused CBeyond to issue allegedly false and misleading statements regarding its financial condition and prospects, specifically relating to the Company's actual "churn rate."
In May 2008, a class action lawsuit was commenced on behalf of all purchasers of CBeyond securities during a class period of November 1, 2007 to February 21, 2008. The lawsuit was filed in the U.S. District Court for the Northern District of Georgia. The lawsuit alleges that CBeyond's officers and directors violated the federal securities laws by issuing false and misleading statements to the market throughout the class period. Specifically, CBeyond's officers and directors are alleged to have hidden the fact that CBeyond was recording a high church rate for its services which permitted certain officers and directors to engage in the insider sale of $39 million of CBeyond stock at artificially inflated prices.
If you currently own CBeyond common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
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