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Regarding spinoff...we will get 1 share of the new company for every 4 shares ECNC owned. Even though the shares in ecnc remains the same, the valuation changes. ECNC will not be able to claim the revenues from the new company. As an example, take a look at the chart (from Yahoo) for COMS when they spun off PALM. Looks like a tragedy occurred at that time, but it was really just the spin off....
http://finance.yahoo.com/q?d=t&s=coms
Please note that many of the other charts that I looked at (Quicken, SmartMoney, StockPoint, etc.) have adjusted the charts to reflect the spin-off (just like they do for a split). Yahoo's chart showed the valuation difference very clearly.
DC....
"However, shareholder discontent, in the form of selling, which reduces share price and potential capital, because of company actions (like a proxy vote on an item for instance) usually gets their attention.'
From the looks of the trading pattern over the last few weeks, do you think we've gotten their attention yet? I wonder if they even care? (A rhetorical question....no reply necessary.)
DCinNY
Magoo...my trading experience is limited (just over a year) so I can't really say that I've seen alot concerning shareholder votes. I must say, though, that I found it hard to believe the way this one took place. In all honesty, I would have voted my shares for the increase, however, it was only because I would have wanted to make sure the NDFC deal went through.
Still holding long.....
Magoo....
In response to...
"We will never know the actual count of votes against the increase. Thats the way it is."
One reason is because the majority of shareholders never got to vote at all. We were told that there wasn't enough time to get a proxy out to everyone. (NDFC deadline was getting close.)
Secondly, we were all under the "assumption" that without the additional shares available, eConnect wouldn't be able to complete the NDFC deal at all.
Many people went to the shareholder meeting that may not have gone otherwise simply because they wanted their votes to count. That was the only way you could vote. You had to be at the meeting (as I understand it). The rest of us (who were unable to attend for one reason or another) watched helplessly as the scenario unfolded.
Just my viewpoint on it.
DCinNY
e-mail from Cheryl Vasiloff...
In response to questions I asked last week I received the following:
Dear XXXXXXXX:
Thank you for your letter. I will try to answer your questions as best as I can and still comply with SEC regulations
concerning nonpublic information.
"Since we have been relisted since November of last year, wouldn't you agree that it would be a good idea for the
website to be updated? I'm surprised that it hasn't been done already."
The Question of the Week has been updated, and if I may suggest, try clicking on the refresh button. Sometimes the
computer saves the page as you last saw it, and refreshing your screen will update to the new page. The current
question pertains to CES.
"I've been reading on the bulletin boards that Sitrick is not answering questions regarding eConnect. Are they still
working for eConnect? If so, why aren't they answering questions? Isn't that what they were paid to do?
"
Sitrick is still answering questions regarding eConnect.
"I have been waiting for months for my cashpad to be delivered (I am on the list of one of the free 1000 recipients).
The website says they will be delivered this month. I don't know how long that has been on there, but I'm really starting
to question my investment in this company. Do you have a shipment date set? If not, what is the problem and what is the
event that will give the go-ahead for shipment?
"
"The merchant list is one that has been coming very slowly. To my knowledge, there is no single place that
purchasers can go to get an actual list. How many merchants are signed up to date? When will the list be made public?
When will there be a press release about this? I am very well aware of the fact that without merchants, the cashpads are
absolutely worthless!"
Our mission at eConnect is to forge ahead and continue to release eCashPads, bring on web merchants as Bank Eyes
Only merchants, and establish strategic alliances with decision makers who try the eCashPad and then enter into a
Private Label eCashPad program with eConnect. The number of daily sales ranges from two to four eCashPads, and we
expect a substantial increase in sales as we begin the television commercials and infomercials that we speak about in the
Letter to the Shareholders from our Chairman and CEO on our website, http://www.econnectholdings.com/.
eConnect will not be publicizing deadlines or a roll out schedule for the eCashPads. We have come to the conclusion
that publicizing a schedule only places unnecessary pressures on a natural technological progression that has as its goal
a "flawless" product and process.
If you have any further questions, please feel free to contact us.
Best regards on behalf of eConnect,
Cheryl Vasiloff
Assistant Director of Communications
eConnect
-----------------------------------------------------------
I guess the questions and answers sessions are just archived (they probably should state that......if I were doing DD on them it might look like they are still on the pink sheets!) The refresh button does not clear away that question.
I guess they're not going to give any clear cut dates...not too surprising.
Don't know if this helps anyone, but I thought I'd share.
DCinNY
Casper and Dawgman...thanks...yes, that's the one. Don't know why it showed up as an ECNC press release. Now the question is whether or not interactive bandits is getting any kind of response. Apparently they have some type of business relationships with the companies advertised on the site. What is confusing is what their website is actually used for, other than getting business over to the other companies....
I also didn't realize that the Las Vegas Silver Bandits is a basketball team (International Basketball League? Sorry guys, I'm not much into sports!).
I guess it's entirely possible that the news wasn't posted on the boards that day because the release wasn't actually done by eConnect...they probably had it posted to their site because they are one of the "partners" referred to. Now it makes sense.
Thanks for your help.
DCinNY
Found this on a search engine....
eConnect News
... Monday July 17, 2000, Internet Methods and Partners Form "Interactive Bandits"
the Online Technology and Marketing arm of the Las Vegas Silver Bandits. ...
www.econnectholdings.com/news/news.html - 86k - Cached - Similar pages
The link is no longer valid. I went back to RB to see if anybody posted the news on or about July 17, but couldn't find anything. Does anyone have the full press release? Is it possible it could have been written and then pulled off the site right away?
Network Solutions whois shows the domain for interactivebandits registered to someone or something named "Xlabs" in Denver, CO.
http://www.networksolutions.com/cgi-bin/whois/whois?STRING=interactivebandits&STRING=Search
Anybody have anything additional or remember the press release? Couldn't find anything in the Yahoo news releases. I'm stumped on this one.
TIA
DCinNY
Interactive Bandits? Anybody know who they are and what they do? Their banner is on the NDFC website....I never saw it before...http://www.ndfc.com/salespage.htm . When I went to their webpage there isn't much info except their contact address in LasVegas http://interactivebandits.com/ . Seems to be just a conglomeration of partners. Anyone have anything they could add?
TIA,
DCinNY
P.S. to Scoobypax....no I am not in the ESA....I am not comfortable revealing personal information that the ESA requires for membership. The bulletin board forum is a great place to exchange information, as long as one keeps in mind that you always need to read with a cautious and skeptical eye. Certain sources (Edgar files, charts, etc.) can be trusted 100%. Others need to be taken with a grain of salt. I never base my decisions on what is written on the boards. They can, however, be a great way to share information that might have otherwise been difficult to locate.
Hope this clears things up a little.
DCinNY
DC....whew, thanks. I was beginning to think I was supposed to know something I didn't know, you know? LOL!
BTW, Scoobypax, thanks for the compliment. But just FYI, this "fella" is a lady! ;)
DCinNY
P.S. A happy and prosperous New Year to all!
DCinNY
OT: Diary of a Snow Shoveler
Found this on a RB board and thought it was too funny not to share on a day like today (over 12" so far). I've edited it just a tiny bit:
December 8: 6:00 PM.
It started to snow. The first snow of the season and the wife and I took our hot cocoa and sat for hours by the window watching the huge soft flakes drift down from heaven. It looked like a Grandma Moses Print. So romantic: we felt like newlyweds again. I love snow!
December 9:
We woke to a beautiful blanket of crystal white snow covering every inch of the landscape. What a fantastic sight! Can there be a lovelier place in the whole world? Moving here was the best idea I've ever had. Shoveled for the first time in years and felt like a boy again. I did both our driveway and the sidewalks. This afternoon the snow plow came along and covered up the sidewalks and closed in the driveway, so I got to shovel again. What a perfect life.
December 12:
The sun has melted all our lovely snow. Such a disappointment. My neighbor tells me not to worry, we'll definitely have a white Christmas. No snow on Christmas would be awful! Bob says we'll have so much snow by the end of winter, that I'll never want to see snow again. l don't think that's possible. Bob is such a nice man I'm glad he's our neighbor.
December 14:
Snow lovely snow! 8" last night. The temperature dropped too. The cold makes everything sparkle so. The wind took my breath away, but I warmed up by shoveling the driveway and sidewalks. This is the life! The snow plow came back this afternoon and buried everything again. I didn't realize I would have to do quite this much shoveling, but I'll certainly get back in shape
this way. I wish l wouldn't huff and puff so.
December 15:
20 inches forecast. Sold my van and bought a 4x4 Blazer. Bought snow tires for the wife's car and 2 extra shovels. Stocked the freezer. The wife wants a wood stove in case the electricity goes out. I think that's silly. We aren't in Alaska, after all.
December 16:
Ice storm this morning. Fell on my tush on the ice in the
driveway putting down salt. Hurt like crazy. The wife laughed for an hour... which I think was very cruel.
December 17:
Still way below freezing. Roads are too icy to go anywhere. Electricity was off for 5 hours. I had to pile the blankets on to stay warm. Nothing to do but stare at the wife and try not to irritate her. Guess I should've bought a wood stove,
but won't admit it to her. Man I hate it when she's right. I can't believe I'm freezing to death in my own living room.
December 20:
Electricity's back on, but had another 14" of the stuff last night. More shoveling. Took all day. Rotten snow plow came by twice. Tried to find a neighbor kid to shovel, but they said they're too busy playing hockey. I think they're lying. Called the only hardware store around to see about buying a
snow blower and they're out. Might have another shipment in March. I think they're lying. Bob says I have to shovel or the city will have it done and bill me. I think he's lying.
December 22:
Bob was right about a white Christmas because 13 more inches of the white stuff fell today, and it's so cold it probably won't melt till August. Took me 45 minutes to get all dressed up to go out to shovel and then I had to use the bathroom. By the time I got undressed, went and dressed again, I was too tired to
shovel. Tried to hire Bob who has a plow on his truck for the
rest of the winter; but he says he's too busy. I think the bum is lying.
December 23:
Only 2" of snow today. And it warmed up to 0. The wife wanted me to decorate the front of the house this morning. What? Is she nuts?!!! Why didn't she tell me to do that a month ago? She says she did but I think she's lying.
December 24:
6". Snow packed so hard by snow plow, I broke the shovel. Thought I was having a heart attack. If I ever catch the jerk who drives that snow plow, I'll drag him through the snow by his toes. I know he hides around the corner and waits for me to finish shoveling and then he comes down the street at a 100
miles an hour and throws snow all over where I've just been! Tonight the wife wanted me to sing Christmas carols with her and open our presents, but I was busy watching for the stupid snow plow.
December 25:
Merry Christmas. 20 more inches of the @$#%^$&$@#$ slop tonight. Snowed in. The idea of shoveling makes my blood boil. Man, I hate the snow! Then the snow plow driver came by asking for a donation and I hit him over the head with my shovel. The wife says I have a bad attitude. I think she's an idiot. If I have to watch "It's a Wonderful Life" one more time, I'm going to kill her.
December 26:
Still snowed in. Why did I ever move here? It was all HER idea. She's really getting on my nerves.
December 27:
Temperature dropped to -30 and the pipes froze.
December 28:
Warmed up to above -50. Still snowed in. MY WIFE is driving me crazy!!!!!
December 29:
10 more inches. Bob says I have to shovel the roof or it could cave in. That's the silliest thing I ever heard. How dumb does he think I am?
December 30:
Roof caved in. The snow plow driver is suing me for a million dollars. The wife went home to her mother. 9" predicted.
December 31:
Set fire to what's left of the house. No more shoveling.
January 8:
I feel so good. I just love those little white pills they keep giving me. Why am I tied to the bed?
Convention info:
http://www.cesweb.org/exhibitor_dir/eims_exhibitor_details.asp?exhibid=1230&menuItem=3&subMenuItem=0&tabName=Attendee
Exhibitor Information
--------------------------------------------------------------------------------
Company Information
eConnect
2500 Via Cabrillo Marina, #112
San Pedro, CA 90731
USA
Telephone: 310 514 9482
Fax: 310-514-9442
On the Web: www.econnectholdings.com
Company Booths: Booth Number Venue Area
4669 LVCC No. 1&2
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Oprah Winfrey.....
has in the past month featured products on her show that investors have taken notice of. Take the latest from the Yahoo board....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7077665&tid=gmstf&sid=7077665&mid=19693
"Oprah = Huge for GMST
by: ralugnis 11/15/00 5:58 pm
Msg: 19693 of 19763
No amount of advertising would accomplish what
$105,000 worth of readers (and that's at the retail
price) will do via Oprah. Book clubs all over the
land will take notice. The heart of the market.
Affluent readers? Once again, the $300 price will
not last long. Only 100,000 units will be available
for this holiday season according to the CC. (Correction:
99,650). When more come out of the factory, the price
will go down. Nobody said the market would be saturated
in a couple of months.
IMO this has been a major stroke of luck (Oprah's personal
interest) which Gemstar exploited intelligently."
Before that, she had a program featuring a device made by Imatron, symbol IMAT.
Anybody care to volunteer to show her the new cashpad (that is when we finally get them?!) Maybe she'd consider doing a show on safe online shopping for the holidays.....do you think?!
DCinNY
Making Web Commerce Safer
By JOHN M. MORAN And STACY WONG
The Hartford Courant
November 16, 2000
Will you be paying for that by credit card?
At the e-commerce checkout lines on the Internet, increasingly the answer is "no thanks."
Instead, many cyber-shoppers are turning to a growing range of payment alternatives that allow them to buy from online merchants or to pay other individuals without transmitting their credit card number over the Internet.
These alternatives - being offered by companies such as Paypal, Ecount, RocketCash and a host of others, including banks - serve as middlemen in managing payments within the sales transaction.
The idea is to go beyond credit cards to give online shoppers the diverse kinds of payment options long available from traditional brick-and-mortar retailers.
Alternative payment systems also expand the pool of online shoppers by bringing in certain customers, such as teenagers and some minority group members, who often lack credit, as well as people who simply don't like putting their credit card numbers online.
Think of it as a kind of virtual checking account. For starters, an individual would create an account at a payment service provider and deposit money in that account via check, credit card, money order, bank transfer or other payment.
Once the deposit has been made, users are free to spend from the account. When paying a Web merchant, for example, the alternative payment account holder might enter a special code instead of a conventional credit card number.
When paying another individual, on the other hand, the alternative payment account holder might send an e-mail with the payment information embedded in a Web link within the message. The recipient of the e-mail payment would, in turn, create his own account at an alternative payment provider to claim the money.
In essence, the alternative payment companies hold the money and manage the accounting for monetary exchanges between different parties, whether individuals or businesses.
Alternative payment services typically are free to consumers, although there might be fees for business users or for enhanced services, such as the ability to make mass payments to many recipients. In addition to those fees, payment services also make money from partnerships with merchants and by earning interest on the money that has been deposited by users.
Although alternative payment services offer a certain measure of security, they're not entirely without risk. For one thing, it's possible that someone could crack into the system or steal a password to access a particular account. And in these days of dot-com failures, it's also possible that a payment provider might find itself in financial difficulty.
Some sites limit the risk by offering insurance to users. PayPal accounts, for example, offer protection against unauthorized withdrawals up to $100,000. Fraud protection is available for goods that are not received. Payment sites also typically use the same kind of strong encryption that protects other kinds of Internet-based transactions from being intercepted.
Still, the accounts are not federally insured, leaving those with money on deposit facing the risk of losing their account balance in the event of a financial failure by the payment company.
One example of a payment service provider is Ecount, which uses connections to the regular banking system to enable its users to make virtual payments at any Web site that accepts MasterCard - including such well-known "e-tailers" as Amazon.com and Buy.com.
"Consumers really like this as an alternative to a credit card," said Matthew Gillin, Ecount president and chief executive. He said the company's customers often feel a greater sense of security and privacy because they are dealing with one payment site and not placing their regular credit card number with e-commerce sites throughout the Internet.
Ecount also allows individuals to send payments to each other via e-mail. So someone making a purchase at an online auction, or someone giving a cash gift or gift certificate, can use Ecount to make the transfer.
In fact, the company found that customers who receive money through the system tend to keep the account for online spending rather than withdrawing the cash. "Something like 90 percent of our customers are people who have just received payment from another source," Gillin said.
Another player in the alternative payments market is RocketCash, a provider that aims to serve teenagers, many of whom don't have ready access to conventional credit cards for online shopping.
Carol Kruse, RocketCash vice president of marketing, said teenagers like to shop and have $156 billion worth of disposable income. But only about 9 percent of them have their own credit cards.
Thus, if they want to buy something online, teenagers usually have to ask a parent to use the family credit card - which can be a real barrier to purchasing.
"They have a lot of purchasing power, they're on the Internet in droves, but they can't participate in electronic shopping," Kruse said. "One of our key targets is enabling teenagers to shop online and giving them the independence and freedom that they want."
Another example is PayPal, which allows individuals and businesses to send money to anyone who has an e-mail address. To claim the money, receipients can create their own PayPal accounts, have the money transferred to their bank or request an ordinary paper check.
Like Ecount, PayPal is also moving to connect with the regular banking system so that users can spend money from their PayPal accounts at merchants - both online and off-line - that accept credit cards. Users will even be able to withdraw money from cash machines using a PayPal debit card.
"We provide people with a way to spend online from their bank or their online account," said PayPal spokesman Vincent Sollito. "We see no reason why PayPal can't be used for any and all transactions."
The service, which is popular among participants in eBay's online auctions, has 4 million users exchanging more than $6 million a day.
Christina Kasica, a senior consultant for Ovum, a research and consulting firm, said that the evolution of alternative payment systems online means cyberspace is catching up with what's available in traditional storefronts.
In real life, customers making a purchase can often choose cash, checks, debit cards, credit cards, traveler's checks or even gift certificates. "We think that the online economy needs to mirror the breadth and vigor of the bricks-and-mortar world," Kasica said.
All this activity has drawn interest from banks eager for a major role in the transfer of funds online. Citigroup recently launched a new person-to-person money transfer system to facilitate payments on the Internet and off.
The new service, to be called c2it, is being offered free to anyone in the U.S. with an e-mail address for the first three months, after which the person sending the money will be charged $2 per transaction, said Antony(cq) Jenkins, chief financial officer for c2it.
The service also will be available to America Online customers, where it will be known as AOL Quick Cash, Citigroup said.
Some banks and credit unions are angling for more than a middleman's role, opting instead for a cut of the action. A handful of banks throughout the country now offer online shopping with national retailers such as HickoryFarms.com, ToysRUs.com and Borders.com, and they let customers pay right from their checking accounts.
The banks get a percentage of the sales, and the online retailers get more traffic driven to their Web sites. As with credit card transactions, encryption software is used to guard against online theft.
One of the first banks to adopt such a system is the Connecticut-based Savings Bank of Manchester, which serves 100,000 account holders in Greater Hartford and the eastern half of the state.
The bank's NetShop@SBM system debuted in September, and it lets customers pay by either credit card or direct account withdrawal, or even a combination of the two. Executive Vice President Douglas Anderson said the system has been attracting new customers as well as existing account holders.
"Some people have specifically said, `Gee, I like the fact that I don't have to use my card,''' he said. "It's not the majority, but they like it.''
Connecticut-based Open Solutions Inc. in Glastonbury created SBM's online shopping system, and now offers it to small and mid-size banks that don't have the staff to create their own online customer banking systems.
About 60 banks and credit unions throughout the country plan to unroll the system in the next year, although not all will offer the direct payment option.
Louis Hernandez Jr., Open Solution's chief executive, said these types of banks and credit unions have close relationships with their customers, and offering online shopping is one more way to strengthen that bond.
John Hall, a spokesman for the American Bankers Association, said this kind of direct payment will become increasingly common among retail banking customers.
"The real driver will be the consumer, and the number one attribute they will look for is convenience and security," he said.
He said that electronic commerce is a top item of concern among the country's banking industry chief executives as they try to devise strategies to keep them on the cutting edge of commerce while increasing market share.
Besides direct payment, the technology exists now to download money into "smart cards" that can be used to pay for things such as subway rides or merchandise. The drawback is that these cards are not yet widely accepted, Hall said.
"Everyone's looking for the killer [application] in online banking, and many have said that the day your computer can give you cash is the day that everyone will sign up for online banking," he said.
http://www.ctnow.com/scripts/editorial.dll?bfromind=586&eeid=3451282&eetype=article&render=y&ck=&ver=2.11
Just came across this...I know it doesn't directly pertain to us, but it's not too encouraging, either.
http://dailynews.yahoo.com/h/xseap/20001011/lo/amazon_sotheby_s_1.html
"Wednesday October 11 01:27 PM EDT
Sothebys.Amazon.com Site Closing
SEATTLE (AP) - Citing customer confusion, online retailer Amazon.com and auction house Sotheby's are closing their joint Web site next month and directing customers to Sothebys.com.
Launched with great fanfare last November, sothebys.amazon.com was supposed to represent Amazon.com's greatest foray into high-ticket auctions, something that rival auction site eBay.com had already achieved.
The Amazon.com site was supposed to be for collectibles and other less expensive items, with Sothebys.com handling the major art and antique auctions that the house has become famous for.
However, the companies said Wednesday that it was far more efficient to have one Web site than two.
``Customers were getting confused and annoyed with the two sites,'' said Victoria Treyger, general manager of the joint Web site. ``They had to go between sites to see the full range of items up for sale, they had to register their credit card information twice. It wasn't a good experience.''
Visitors to the joint Internet address will be redirected to Sothebys.com, which will be a featured link on Amazon's site.
``It has become clearer than ever before that what matters in this business is scale,'' said Craig Mofett, president of Sothebys.com. ``By combining our two sites, we can now offer our customers a much deeper selection in a single venue.''
As part of the deal, Sotheby's will pay Amazon in exchange for promotion on Amazon.com's Web site. The multiyear, multi-million-dollar deal will be more profitable for Amazon than the past arrangement, where Amazon made a commission on each auction sale."
In order for Artaste to even think about competing with Sotheby's there needs to be some serious advertisement.
Voluntary disclosure: Long
EVavolizza@aol.com EOM
Found this on the "crazy" board...thought it should be posted as a follow up of part 1 posted earlier:
By: mochad $$$$
Reply To: None Monday, 2 Oct 2000 at 2:10 PM EDT
Post # of 215949
"PARTII SHAREHOLDER IN DOMINICAN REPUBLIC"
Just for recap this is part 2 of an interview that occured
on September 30,2000 between Paul Egan (President of Econnect Caribbean) and a shareholder and friend of mine Timal.
Q:What kind of advertisement are you planning on while bringing the Cashpads to market(T.V.,Radio,Billboards,etc..)?
A:Yes all of those and a lot of Trade Shows.
Q:Are you going to have the Cashpads on the market and availible for the holiday season?
A:Yes
Q:What kind of merchants are you currently signing up?
A:Music stores,Home Improvements,Paintings and by next year plan to offer FULL TURNKEY SOLUTIONS & ECOMMERCE PACKAGE.
Q:As of now,are there any house hold names involved or expected?
A:Wait for PR
Q:Are you gonna be able to get the cashpads and make revenues without running out of money?
A:Yes,from funding corps and banks.
Hope you guys enjoyed this.I'd like to thank Paul Egan and the Econnect Caribbean staff for their time and Timal for taking the trip.
By the way I will be posting some picks within the nxt couple of days.
Til then
Cheers and Good Luck
Chad
Mochad on RB
CheekNChad on AOL
DISCLAIMER:While I strived to provide information for both current and potential investors this post is in no way a recommendation to by this security.I have stated facts as told to me and posted these findings.
Anyone that would like to confirm my friend Timals'visit
is welcome to call Econnect Caribbean @1(809)7325911.
(Voluntary Disclosure: Position- Long; ST Rating- Buy; LT Rating- Hold)
Another great site to get the latest breaking info like analyst upgrades/downgrades and reports of unusual activity is at:
http://www.netcognizance.com/
Get a load of this....
http://www.money.net/scripts/readstory?5143557719336617521610727670
Bloomberg, Internet Wire Face Lawsuit Over Emulex Hoax Friday September 01, 2000 - 03:05PM
NEW YORK - A Florida investor has filed a lawsuit against Internet Wire and Bloomberg LP over a false press release that led to a nosedive in the shares of Emulex Corp. (EMLX.O) last week in one of the biggest Web-based financial hoaxes ever, attorneys said on Friday.
The suit, filed on behalf of Ron Hart and which seeks class action status, accuses the two organizations of allegedly ''recklessly disseminating materially false and misleading information,'' Hartford, Conn.-based law firm Schatz & Nobel said in a statement. Hart lost as much as $15,000 as a result of the hoax, said Schatz partner Andrew Schatz.
Both Internet Wire, a company announcement distribution service, and Bloomberg, a financial information and news company, declined to comment on the suit, which was filed in the U.S. District Court for the Southern District of New York.
``We have not been served so we do not have a comment until we are,'' said Internet Wire spokeswoman Amy Orebaugh on Friday.
Bloomberg spokeswoman Chris Taylor said that as of early Friday morning it had not been served a lawsuit and said the company does not comment on ongoing litigation.
A false press release issued via Internet Wire and picked up by Bloomberg, Dow Jones and some other news organizations caused the data networking equipment maker's stock to fall more
than 50 percent last Friday. Reuters did not carry the hoax.
The release said that the company was under investigation by the Securities and Exchange Commission, was about to restate its earnings and that its chief executive had quit.
On Thursday, a 23-year-old college student was arrested and charged with the hoax and pocketing almost $250,000 from subsequent trading of Emulex stock.
The ``plaintiff seeks to recover damages on behalf of all investors who sold Emulex stock or call options or purchased put options on August 25, 2000 before the resumption of trading at 1:30 p.m. EST,'' Schatz & Nobel said in a statement.
Schatz said other investors had contacted him and he expected that some of them would join in the suit.
Hart had about 500 Emulex shares and sold them at about $80 each in the middle of the share price plunge, which reversed as soon as the hoax was revealed, said Andrew Schatz. The company's shares, which fell to $48-1/16 last Friday before trading was suspended, have since recovered to $108-7/16.