LOS ANGELES, Feb. 24, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting all persons or entities who purchased or otherwise acquired securities of eSpeed, Inc. ("eSpeed" or the "Company")(Nasdaq: ESPD) between August 12, 2003 and July 1, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges eSpeed, Cantor Fitzgerald Securities, Cantor Fitzgerald L.P., CF Group Management, Inc. and certain of eSpeed's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations concerning eSpeed's operations and performance artificially inflated the Company's stock price, inflicting damages on investors. eSpeed develops and deploys interactive vertical electronic marketplaces and related trading technology that offers traders access to liquid, efficient and neutral financial markets. The Complaint alleges that during the Class Period defendants touted eSpeed as an unmitigated success story, but knowingly or recklessly misrepresented and failed to disclose the following material adverse facts: (i) eSpeed was not successfully competing with ICAP Plc -- eSpeed's principal competitor; (ii) eSpeed's market share was declining; (iii) ICAP and its BrokerTec division were taking market share from eSpeed; and (iv) eSpeed's pricing model was driving customers to its principal competitor.
On July 1, 2004, defendants disclosed that eSpeed's revenue, earnings and market share were decreasing, its business plan was not working, it was being forced to develop a new business plan and pricing structure, and its competitive efforts with respect to ICAP were not successful. In two trading days following the announcement, eSpeed shares dropped more than $6.00 per share, on volume of more than nine million shares.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than April 22, 2005, 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 interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.