PSINet Worth

 
 
By eweek  |  Posted 2001-01-15 Email Print this article Print
 
 
 
 
 
 
 

First the good news: A U.S. District Court dismissed 14 of 15 class-action shareholder lawsuits filed against PSINet because they failed to include facts that would support the allegations of securities fraud.

First the good news: A U.S. District Court dismissed 14 of 15 class-action shareholder lawsuits filed against PSINet because they failed to include facts that would support the allegations of securities fraud.

Now the bad: Eight days later, several of the dismissed suits were amended and refiled.

Most of the new suits represent former shareholders of Metamor Worldwide who received PSINet stock after the company ac- quired Metamor last June. The suits allege certain false and misleading statements about PSINets financial situation.

A PSINet spokesman says the company had anticipated the new complaints and will continue to defend itself vigorously.

 
 
 
 
 
 
 
 
 
 
 

Submit a Comment

Loading Comments...

 
Manage your Newsletters: Login   Register My Newsletters























 
 
 
 
 
 
 
 
 
 
 
Rocket Fuel