| Company: | PetMed Express, Inc. |
| Ticker Symbol: | NASD: PETS |
| Class Period: | June 18, 2003 to July 26, 2004 |
| Date Filed: | Aug-20-04 |
| Lead Plaintiff Deadline: | Oct-18-04 |
| Court: | Southern District, FL |
| Allegations: |
A a class action lawsuit has been filed on behalf of purchasers of the securities of PetMed Express, Inc. ("PetMed" or the "Company")
(Nasdaq:PETS) between June 18, 2003, and July 26, 2004, inclusive (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The action is pending in the United States District Court for the Southern District of Florida against the Company, Menderes Akdag, Marc Puleo, and Bruce S. Rosenbloom ("Defendants").
The complaint alleges that throughout the Class Period, Defendants violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder. The complaint states that Defendants issued a series of statements to the market regarding the Company's financial results and operations, but failed to disclose and/or misrepresented that: (1) the Company's business model enabled the company to experience sustained financial growth since the model shifted costs to veterinarians (who are the Company's competitors), (2) the business model made the Company dependent on the cooperation of veterinarians to fill prescriptions, (3) the defendants could not guarantee the quality, safety or efficacy of PetMed drugs because, as an unauthorized reseller of many products, the Company had to obtain such products through unauthorized channels, prompting veterinarians to refuse refilling prescriptions through PetMed, and (4) as a result, the Company's financial results were not sustainable, causing the stock to trade at artificially high prices. During the class period while PetMed's stock price was inflated, Defendants and Company insiders sold almost $65 million in privately held PetMed's stock.
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 action is pending in the United States District Court for the Southern District of Florida against the Company, Menderes Akdag, Marc Puleo, and Bruce S. Rosenbloom ("Defendants").
The complaint alleges that throughout the Class Period, Defendants violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder. The complaint states that Defendants issued a series of statements to the market regarding the Company's financial results and operations, but failed to disclose and/or misrepresented that: (1) the Company's business model enabled the company to experience sustained financial growth since the model shifted costs to veterinarians (who are the Company's competitors), (2) the business model made the Company dependent on the cooperation of veterinarians to fill prescriptions, (3) the defendants could not guarantee the quality, safety or efficacy of PetMed drugs because, as an unauthorized reseller of many products, the Company had to obtain such products through unauthorized channels, prompting veterinarians to refuse refilling prescriptions through PetMed, and (4) as a result, the Company's financial results were not sustainable, causing the stock to trade at artificially high prices. During the class period while PetMed's stock price was inflated, Defendants and Company insiders sold almost $65 million in privately held PetMed's stock.
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.
