The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: Wolf Haldenstein Adler Freeman & Herz LLP
October 19, 2004
NEW YORK, NY -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States
District Court for the Southern District of New York, on behalf of all persons who purchased or acquired the securities
of IAC/INTERACTIVECORP ("IAC" or the "Company") (Nasdaq: IACI ) between July 16, 2001 and August
3, 2004, inclusive, (the "Class Period") against defendants IAC and certain officers and directors of
the Company.
The case name and index number are Stewart v. IAC/INTERACTIVECORP, et al and 04cv7718. A copy of the complaint
filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman &
Herz LLP website at http://www.whafh.com.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading
statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's
securities.
The Class Period commences on July 16, 2001 when USA Networks ("USA"), predecessor in interests to IAC,
announced plans to become, "the leader in interactive travel" by acquiring privately held National Leisure
Group and a majority interest in publicly traded Expedia. USA announced that with these acquisitions it would handle
16% of all online travel transactions and was predicting 40% year over year growth. The complaint alleges that
these numbers were false and misleading because they did not account for the Company's improper booking of revenues
and lacked a reasonable basis for the positive statements about the Company's true growth and progress.
The complaint also alleges that the statements made by defendants during the class period were materially false
and misleading when made because failed to disclose or indicate the following: (1) that the Company knew or recklessly
disregarded the fact that its profits were being adversely impacted by the decreases in available discounted inventory,
such as discount hotel rooms and airline tickets; (2) that IAC had to expend additional resources in order to market
its products and brands in the maturing Internet industry; (3) that the favorable performance of the Expedia and
the Hotels.com divisions were largely dependent on the improper booking of revenue; and (4) that as a result of
the foregoing, the defendants lacked a reasonable basis for their positive statements about the Company's growth
and progress.
If you purchased IAC securities during the Class Period, you may request that the Court appoint you as lead plaintiff
by November 19, 2004. 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation
in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in
various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and
expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz
LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq.,
Gregory M. Nespole, Esq., Gustavo Bruckner, Esq., or Derek Behnke), via e-mail at classmember@whafh.com or visit
our website at http://www.whafh.com. All e-mail correspondence
should make reference to IAC or InterActiveCorp.
Source: Wolf Haldenstein Adler Freeman & Herz LLP