Quantcast

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.

THIS IS ANOTHER STORY ABOUT ADELE BREAKING RECORDS
Big news from the Spot. (10/15a)
KACEYGATE: ESQUIRE EVISCERATES THE GRAMMYS
This is getting ridiculous (10/14a)
ADELE BY THE NUMBERS: ALBUMS, SINGLES RTD
It all adds up. (10/13a)
GRAMMY CHEW: A ROTY/SOTY PLAYLIST
(20 FOR 16)
Beer and Glickman collaborate on the Spot. (10/13a)
30 HAS A DATE
Your Thanksgiving weekend soundtrack (10/14a)
ADELE ADELE ADELE
Adele; Adele Adele?
ADELE ADELE ADELE ADELE ADELE ADELE
A... dele?
ADELE ADELE
Adele Adele; Adele.
ADELE ADELE ADELE ADELE
(Adele.)
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)