Quote:
Originally posted by EscortBiz
I dont use iBill but I can tell you this much that a lawsuit like this is common in the stock market, investors lose money on a stock they try to cook some shit up.
Those investors will mostlikly get shit and ibill wont fold because of this.
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they might have a case. they would have to prove the execs knew that the numbers they were giving out on nov 4th weren't accurate given how the new visa regulations would change earnings.
this statement here is the key
defendants made material misrepresentations and/or omitted to make material disclosures due to their false assurances that the adult pornography internet portion of their merchant processing business was insignificant and due to their failure to disclose that VISA regulations implemented on November 1, 2002, which were targeted specifically to address risks of internet pornography card processing, had caused a material loss of business.
obviously the adult portion of their business wasn't insignificant because it ended up taking a significant chunk out of their stock price.