LITTLE ROCK, Ark., May 9, 2001 (PRIMEZONE) -- The deadline for purchasers of Amazon.com, Inc. ("Amazon" or the "Company") (Nasdaq:AMZN) publicly traded securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Amazon securities between February 2, 2000 and March 9, 2001, inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Western District of Washington by May 21, 2001.
The complaint, filed by a client of the Law Firm of Cauley Geller Bowman & Coates, LLP, charges Amazon and certain of its officers and directors with violating federal securities laws. Specifically, the complaint alleges that at the beginning of the Class Period, Amazon announced favorable 4Q 1999 results and announced partnerships it said would represent $500 million in revenue over the next five years. On February 16, 2000, defendants completed an offering of Euro 690 million in 6.875% convertible subordinated notes due 2010, pursuant to a Prospectus dated 2.11.00. The Offering provided that Amazon would receive $663 million in net proceeds. However, defendants concealed from the public that the payments from the partnerships would be in stock, not cash, and the actual receipt of this money was uncertain at best. Furthermore, on March 9, 2001, it was revealed that Amazon's CEO was being investigated for selling 800,000 shares of the company's stock prior to a negative report by an analyst assigned to cover Amazon. News of the insider trading allegations caused the market to continue to batter Amazon's common stock price which is now 86% off its Class Period high.
If you bought the publicly traded securities of Amazon between February 2, 2000 and March 9, 2001, inclusive, you may, no later than May 21, 2001 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca