Class Action Against Cross Media
Jul 25, 2002, 12:00 AM
Cross Media Marketing Corp. is the subject of a shareholder class-action lawsuit. The lawsuit, in U.S. District Court for the Southern District of New York, was filed on behalf of people who purchased the company’s common stock from Nov. 5, 2001, until July 11. The complaint charges the company issued false and misleading statements about its business and financial condition. The suit claims news releases during the period touted the company’s performance yet on July 12, the company reported a Q2 loss and revenues would be lower than previously predicted.