FreeMarkets, Inc. Accused of Defrauding Investors in Shareholder Class Action Brought By Berman DeValerio & Pease

Apr 27, 2001, 01:00 ET from Berman DeValerio & Pease

    PITTSBURGH, April 27 /PRNewswire/ -- Shareholders today filed a federal
 class action charging FreeMarkets, Inc. (Nasdaq:   FMKT) with securities fraud,
 the law firm of Berman DeValerio & Pease said.
     ( Photo:  http://www.newscom.com/cgi-bin/prnh/20010405/BDPLOGO )
     The lawsuit was filed in the United States District Court for the Western
 District of Pennsylvania and is captioned Pehrson v. FreeMarkets, Inc. et al.,
 Civil Action No. 01:0746.  It seeks damages for violations of federal
 securities laws on behalf of all investors who bought FreeMarkets, Inc. common
 stock between July 24, 2000 and April 23, 2001 (the "Class Period").
     Berman DeValerio & Pease has represented investors in class actions for
 nearly two decades. To review the complaint and learn more about becoming a
 lead plaintiff, visit our Website at www.bermanesq.com.
     FreeMarkets is charged with improperly accounting for its financial
 results for the second, third and fourth quarters and the year of fiscal 2000.
 In reporting its financial results during the Class Period, the Company failed
 to properly account for a warrant that it had provided to one of its largest
 customers, Visteon Corporation ("Visteon").  Consequently, FreeMarkets was
 able to report artificially-inflated revenues during the Class Period.  On
 April 23, 2001, FreeMarkets revealed that the Securities and Exchange
 Commission had informed the Company that its payments from Visteon should not
 be classified as revenue, but as money paid for the warrant.  As a result,
 absent an appeal, the Company announced its intention to amend its financial
 statements to eliminate all the revenue it had received from Visteon during
 the Class Period. FreeMarkets' stock price fell from a close of $10.29 per
 share on April 23, 2001 to $9.30 on April 24, 2001.
     The suit names FreeMarkets' chief executive officer and chief financial
 officer as defendants.  These officers are charged with collectively selling
 thousands of shares of FreeMarkets common stock during the Class Period for
 proceeds totaling over $17 million.
     If you purchased FreeMarkets, Inc. common stock during the period of July
 24, 2000 through April 23, 2001, you may wish to contact the following
 attorneys at Berman DeValerio & Pease to discuss your rights and interests:
 
     Alicia M. Duff, Esq.
     Jeffrey C. Block, Esq.
     Berman DeValerio & Pease LLP
     One Liberty Square
     Boston, MA 02109
     bdplaw@bermanesq.com
     (800) 516-9926
 
     You may also visit us at our website at www.bermanesq.com.
     If you wish to apply to be lead plaintiff in this action, a motion must be
 filed on your behalf with the court no later than June 26, 2001. You may
 contact the attorneys at Berman DeValerio & Pease to discuss your rights
 regarding the appointment of lead plaintiff and your interest in the class
 action. To be a member of the class, however, you need not take any action at
 this time and you may retain counsel of your own choice.  If you decide to
 seek appointment as lead plaintiff, you may also retain counsel of your
 choice.
     With offices in Boston and San Francisco, Berman DeValerio & Pease has
 prosecuted shareholder class actions since 1982, recovering more than $1
 billion for investors. The firm has acted as lead counsel in numerous lawsuits
 involving violations of federal securities laws. It has successfully litigated
 these actions, and has been singled out for its excellence by many courts.
 The firm prides itself on its responsiveness to shareholders and their needs
 in each case.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X17965172
 
 

SOURCE Berman DeValerio & Pease
    PITTSBURGH, April 27 /PRNewswire/ -- Shareholders today filed a federal
 class action charging FreeMarkets, Inc. (Nasdaq:   FMKT) with securities fraud,
 the law firm of Berman DeValerio & Pease said.
     ( Photo:  http://www.newscom.com/cgi-bin/prnh/20010405/BDPLOGO )
     The lawsuit was filed in the United States District Court for the Western
 District of Pennsylvania and is captioned Pehrson v. FreeMarkets, Inc. et al.,
 Civil Action No. 01:0746.  It seeks damages for violations of federal
 securities laws on behalf of all investors who bought FreeMarkets, Inc. common
 stock between July 24, 2000 and April 23, 2001 (the "Class Period").
     Berman DeValerio & Pease has represented investors in class actions for
 nearly two decades. To review the complaint and learn more about becoming a
 lead plaintiff, visit our Website at www.bermanesq.com.
     FreeMarkets is charged with improperly accounting for its financial
 results for the second, third and fourth quarters and the year of fiscal 2000.
 In reporting its financial results during the Class Period, the Company failed
 to properly account for a warrant that it had provided to one of its largest
 customers, Visteon Corporation ("Visteon").  Consequently, FreeMarkets was
 able to report artificially-inflated revenues during the Class Period.  On
 April 23, 2001, FreeMarkets revealed that the Securities and Exchange
 Commission had informed the Company that its payments from Visteon should not
 be classified as revenue, but as money paid for the warrant.  As a result,
 absent an appeal, the Company announced its intention to amend its financial
 statements to eliminate all the revenue it had received from Visteon during
 the Class Period. FreeMarkets' stock price fell from a close of $10.29 per
 share on April 23, 2001 to $9.30 on April 24, 2001.
     The suit names FreeMarkets' chief executive officer and chief financial
 officer as defendants.  These officers are charged with collectively selling
 thousands of shares of FreeMarkets common stock during the Class Period for
 proceeds totaling over $17 million.
     If you purchased FreeMarkets, Inc. common stock during the period of July
 24, 2000 through April 23, 2001, you may wish to contact the following
 attorneys at Berman DeValerio & Pease to discuss your rights and interests:
 
     Alicia M. Duff, Esq.
     Jeffrey C. Block, Esq.
     Berman DeValerio & Pease LLP
     One Liberty Square
     Boston, MA 02109
     bdplaw@bermanesq.com
     (800) 516-9926
 
     You may also visit us at our website at www.bermanesq.com.
     If you wish to apply to be lead plaintiff in this action, a motion must be
 filed on your behalf with the court no later than June 26, 2001. You may
 contact the attorneys at Berman DeValerio & Pease to discuss your rights
 regarding the appointment of lead plaintiff and your interest in the class
 action. To be a member of the class, however, you need not take any action at
 this time and you may retain counsel of your own choice.  If you decide to
 seek appointment as lead plaintiff, you may also retain counsel of your
 choice.
     With offices in Boston and San Francisco, Berman DeValerio & Pease has
 prosecuted shareholder class actions since 1982, recovering more than $1
 billion for investors. The firm has acted as lead counsel in numerous lawsuits
 involving violations of federal securities laws. It has successfully litigated
 these actions, and has been singled out for its excellence by many courts.
 The firm prides itself on its responsiveness to shareholders and their needs
 in each case.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X17965172
 
 SOURCE  Berman DeValerio & Pease