PSINet Worth

By eweek  |  Posted 2001-01-15

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.

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