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BERNSTEIN v INFOSPACE INC Click to find out why . . .



Keywords & Phrases
CaseNo: BVII127732, Plaintiff: BERNSTEIN, State: WA Washington, UniqueCaseRef: LCD>BVII127732, Infospace, Federal Securities Laws, Revenue, Violation, Complaint, Class Period, Financials, Jain, Facts, Misrepresentations, Earnings, Expectations, Market, Market Price, Common Stock, Misleading, Manipulate, Infrastructure Services, Securities Analysts, Exchange Act, Representations, Material Facts, Eps, Accounting, Connection, Class Action, Nationwide Conference , ContentID: 120248133

Case Documents
1   COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 119958
20 pages
PDF
Total Documents: 1 document , 20 pages
Price: $ 19.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
DEFENDANTS
FEDERAL SECURITIES LAWS
REVENUE
VIOLATION
MEMBERS
COMPLAINT
CLASS PERIOD
FINANCIALS
PLAINTIFF
JAIN
FACTS
MISREPRESENTATIONS
EARNINGS
EXPECTATIONS
MARKET
MARKET PRICE
COMMON STOCK
MISLEADING
MANIPULATE
INFRASTRUCTURE SERVICES
SECURITIES ANALYSTS
EXCHANGE ACT
REPRESENTATIONS
MATERIAL FACTS
EPS
ACCOUNTING
CONNECTION
CLASS ACTION
NATIONWIDE CONFERENCE

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      3                                      UNITED STATES DISTRICT COURT
      4                                  WESTERN DISTRICT OF WASHINGTON
      5                                                   AT SEATTLE
      6
      7  _________________________________________
      8                                                            )
           STEVEN BERNSTEIN, on Behalf of Himself and All  )             CLASS ACTION
      9 Others Similarly Situated,                                 )
                                                                   )     COMPLAINT FOR VIOLATION OF
     10                             Plaintiff,                     )     THE FEDERAL SECURITIES LAWS
     11                                                            )
                   vs.                                             )
     12                                                            )
           INFOSPACE, INC., and NAVEEN JAIN,                       )     DEMAND FOR JURY TRIAL
     13                                                            )
                                    Defendants.                    )
     14 _________________________________________  )

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     28 COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS

SNIPPETS:
  • 28 COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS
  • otherwise acquired the securities of InfoSpace, Inc. between January 26,
  • 2001 (the "Class Period") against InfoSpace and its founder and chairman Naveen
  • Jain (collectively, the "Defendants") for violations of the federal securities laws arising
  • misrepresentations regarding InfoSpace's results from operations and expected financial
  • 11 expectations concerning InfoSpace's FY 2001 revenue and earnings.
  • Defendants' public representations were the result of Defendants' efforts to manipulate
  • 16 InfoSpace's reported earnings and expected FY 2001 performance and were designed to allow:
  • Defendants disclosed that - contrary to the representations made by them
  • 25 revenue growth or EPS for FY 2001, but rather would report declining revenue and a
  • revealed that InfoSpace's financials statements had been overstated as a result of
  • its employees overtime they were legally owed and record a liability in connection therewith.
  • 10 order to artificially inflate the market price of InfoSpace securities.
  • 13 Class Period in violation of Generally Accepted Accounting Principles by, among other
  • Plaintiff brings this action pursuant to '' 10and 20of the Securities Exchange Act,
  • 13 Company provides commerce, information, and communication infrastructure services to
  • and presentations and communications with securities analysts pertaining to the Company.
  • Mr. 6 Jain was provided with copies of InfoSpace's press releases and SEC filings alleged
  • 14 12 such a deliberately reckless manner as to constitute a fraud and deceit upon plaintiff
  • InfoSpace has more than 324 million shares of common stock outstanding.
  • 13 retained counsel competent and experienced in class action and securities litigation.
  • performance and/or Defendants' expectations concerning InfoSpace's FY 2001 revenue and
  • 11 with the requisite state of mind in omitting and/or misrepresenting material facts
  • convened a nationwide conference call for large InfoSpace investors, traders and securities
  • 23 operated to artificially inflate or maintain the market price of InfoSpace securities
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