Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of Greenfield Online Inc.
Market Wire, July, 2007
Attorney Advertising. Notice is hereby given that a class action has been commenced on behalf of an investor in the United States District Court for the District of Connecticut on behalf of purchasers of Greenfield Online Inc. ("Greenfield Online" or the "Company") (NASDAQ: SRVY) common stock between February 9, 2005 and September 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint charges Greenfield Online and certain of its officers and directors with violations of the Exchange Act. The Company provides Internet survey and comparison shopping solutions primarily in North America and Europe. According to the complaint, Defendants issued a series of materially false and misleading statements concerning Greenfield Online, its business, operations and prospects. Unbeknownst to shareholders, the true facts were (i) that the Company was experiencing several adverse trends in its core business which were negatively impacting its revenues and earnings and causing the Company to miss its internal performance expectations; (ii) that the Ciao AG acquisition was not a success as Ciao AG was not performing according to expectations; and (iii) that the Company was materially overvaluing Ciao AG and should have, but did not, write down the value of Ciao AG on its financial statements by tens of millions of dollars. As a result, the Company lacked a reasonable basis for their positive statements concerning the Company's earnings, prospects and financial results.
On August 9, 2005, after the markets closed, Greenfield Online announced that it was lowering its outlook on fiscal 2005. Upon this news, on the next trading day, shares of the Company's stock fell $3.31 per share, or 27%, to close at $8.94 per share, on heavy trading volume. Then, on September 29, 2005, the Company, for the second time, lowered its outlook for the 2005 third quarter and fiscal year. Moreover, the Company announced that defendant Dean A. Wiltse, the Company's President and Chief Executive Officer, had left the Company. In reaction to this announcement, shares of the Company's stock fell $1.53 per share, or over 20%, to close at $5.44 per share, on heavy trading volume.
If you purchased Greenfield's common stock during the Class Period, you may request that the Court appoint you as lead plaintiff no later than 60 days from July 24, 2007. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Los Angeles.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com , by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com .
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Contact: Tzivia Brody, Esq. Stull, Stull & Brody Email Contact 1-800-337-4983 fax 212/490-2022 Stull, Stull & Brody 6 East 45th Street New York, NY 10017 www.ssbny.com
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