The law firm of
Milberg Weiss Bershad Hynes & Lerach LLP yesterday announced that a class action has been filed in California on behalf of purchasers of L90,
Inc. common stock during the period between July 26, 2001 and March 12, 2002. The complaint charges L90 and several of its officers with violations of the Securities Exchange Act of 1934, alleging
that as part of their effort to boost the price of their stock, the company “misrepresented their true prospects” in an “effort to conceal improper acts.” According to the complaint, “In order to
overstate revenues and assets in its second and third quarters of 2001, L90 violated Generally Accepted Accounting Principles and SEC rules by engaging in improper “roundtrip” transactions with
HomeStore.com and its customers. These transactions had the effect of dramatically overstating revenues and assets.”
