RUMOR MILL
Friday, August 25, 2000
CLASS-ACTION LAWSUIT FILED AGAINST CDNOW
Accused Of Violating Federal Security Laws
A class-action lawsuit against CDnow has been filed in the Eastern District of Pennsylvania by New York-based firm Abbey, Gardy and Squitieri.
The suit alleges that CDnow violated federal securities laws, misleading shareholders and failing to disclose it could not survive without a merger partner. The company is also accused of failing to disclose that its independent auditor reported “substantial doubts” that the company had enough cash to stay open through the fall. It seeks unspecified damages. According to the suit, statements CDnow made regarding the failed CDnow/Columbia House merger misled stockholders.
Bertelsmann's $117 million purchase of the company was announced on July 20.
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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A CHORUS OF PRAISE: IVORS 2024 NOMSrumor mail
