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22 Mar 2001
Amazon.com is being sued by a raft of shareholders who allege that the e-tailer and several of its executives violated US securities laws by distributing "false and misleading" financial statements.
The class action lawsuits allege that Amazon misrepresented its financial condition and future prospects, particularly in relation to investments in joint ventures that came under the Amazon Commerce Venture Partners scheme.
Such investments appeared initially to be generating revenues, the suits claim, but actually resulted in massive losses.
Law firms Keller Rohrback, Weiss & Yourman and Millberg Weiss have sued on behalf of shareholders that purchased Amazon securities between 2 February and 9 March 2000.
Faruqui & Faruqui and Wechsler Harwood Halebian & Feffer, on the other hand, are acting for stockholders that bought securities between 2 February and 30 October 2000.
Both of the suits were filed in the US District Court for the Western District of Washington and are seeking to recover damages.
Amazon was unavailable for comment.
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