| Company: | US Auto Parts Network, Inc. |
| Ticker Symbol: | NASD: PRTS |
| Class Period: | February 8, 2007 |
| Date Filed: | Mar-29-07 |
| Lead Plaintiff Deadline: | May-28-07 |
| Court: | Central District, CA |
| Allegations: |
Shareholders of U.S. Auto Parts Network, Inc. ("U.S. Auto Parts") (NASDAQ: PRTS) who purchased shares of the Company in connection with its February 8, 2007 Initial Public Offering ("IPO") or who purchased shares thereafter in the open market, may now move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Central District of California.
U.S. Auto Parts, its Underwriters Thomas Weisel Partners, Piper Jaffray & Co., JMP Securities and RBC Capital Markets Corp., and each member of its Board of Directors are charged with including false and misleading statements in the registration statement and proxy-prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. Specifically, defendants each failed to reveal that, at that time of the IPO, the integration of PartsBin was not proceeding according to plan and that sales were being adversely affected as a result thereof.
It was only on March 20, 2007, after the close of trading -- and after defendants liquidated over $40 million of their personally held shares in the IPO and on the open market -- that U.S. Auto Parts revealed the truth about the Company, including that the problems that existed at the time of the IPO would result in extremely disappointing results for the fourth quarter 2006.
On this news, U.S. Auto Parts' stock price collapsed in one day from $11.07 per share, the prior day, to close at $6.49 per share on March 21, 2007 -- a single-day decline of almost 50%.
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.
U.S. Auto Parts, its Underwriters Thomas Weisel Partners, Piper Jaffray & Co., JMP Securities and RBC Capital Markets Corp., and each member of its Board of Directors are charged with including false and misleading statements in the registration statement and proxy-prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. Specifically, defendants each failed to reveal that, at that time of the IPO, the integration of PartsBin was not proceeding according to plan and that sales were being adversely affected as a result thereof.
It was only on March 20, 2007, after the close of trading -- and after defendants liquidated over $40 million of their personally held shares in the IPO and on the open market -- that U.S. Auto Parts revealed the truth about the Company, including that the problems that existed at the time of the IPO would result in extremely disappointing results for the fourth quarter 2006.
On this news, U.S. Auto Parts' stock price collapsed in one day from $11.07 per share, the prior day, to close at $6.49 per share on March 21, 2007 -- a single-day decline of almost 50%.
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.
