| Company: | IAC/InterActiveCorp |
| Ticker Symbol: | NASD: IACI |
| Class Period: | March 19, 2003 to August 4, 2004 |
| Date Filed: | Sep-22-04 |
| Lead Plaintiff Deadline: | Nov-19-04 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the IAC/InterActiveCorp (Nasdaq: IACI or the "Company") publicly traded securities between March 19, 2003 and August 4, 2004, inclusive (the "Class Period").
The complaint charges IAC, Barry Diller, Dara Khosrowshahi, Julius Genachowski, Richard N. Barton, and Victor A. Kaufman with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (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 IAC's Hotels.com division was 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.
On August 3, 2004, the Company reported its financial results for its second quarter 2004. According to the Company, IAC's net income fell 25 percent to $70 million. Additionally, the Company cut its full year operating profits. The news shocked the market. Shares of IAC fell $4.23 per share, or 15.65 percent, on August 4, 2004 to close at $22.80 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges IAC, Barry Diller, Dara Khosrowshahi, Julius Genachowski, Richard N. Barton, and Victor A. Kaufman with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (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 IAC's Hotels.com division was 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.
On August 3, 2004, the Company reported its financial results for its second quarter 2004. According to the Company, IAC's net income fell 25 percent to $70 million. Additionally, the Company cut its full year operating profits. The news shocked the market. Shares of IAC fell $4.23 per share, or 15.65 percent, on August 4, 2004 to close at $22.80 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
