Shareholder Class Action Filed Against PartsBase.com, Inc. By the Law Firm of Schiffrin & Barroway, LLP

Apr 27, 2001, 01:00 ET from Schiffrin & Barroway, LLP

    BALA CYNWYD, Pa., April 27 /PRNewswire/ -- The following statement was
 issued today by the law firm of Schiffrin & Barroway, LLP:
 
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of Florida, on behalf of all
 purchasers of the common stock of PartsBase.com, Inc. (Nasdaq:   PRTS)
 ("PartsBase" or the "Company") pursuant to the prospectus and registration
 statement (the "Registration Statement") filed in connection with PartsBase's
 initial public offering ("IPO") on March 20, 2000, up to and including
 April 25, 2000 (the "Class Period").
     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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges PartsBase, certain of its officers and directors,
 and the two lead underwriters for the IPO, Roth Capital Partners, Inc. and PMG
 Capital Corp., with violations of the Securities Act of 1933.  Specifically,
 the complaint alleges that during 1999, defendants issued and sold more than
 $45 million of PartBase stock in its IPO.  Thereafter, in connection with
 PartsBase issuing its first earnings press release, defendants revealed facts
 confirming that the Registration Statement issued by defendants in connection
 with the IPO had been false when issued.  In the Registration Statement,
 defendants claimed that PartsBase had "over 13,000 members."  Substantially
 all of the Company's revenues are generated through member subscription fees.
 The complaint further alleges that the Registration Statement failed to
 disclose that PartsBase actually had approximately 3,000 paying members.  The
 Company offered a free trial membership that lasted a few days after which the
 "trial members" access codes were revoked if they did not agree to become
 paying members.  As alleged in the complaint, the vast majority of the so-
 called "13,000 members" were, in fact, "trial members" whose trial membership
 had lapsed.  Defendants continued to count the "trial members" as members,
 even though they did not pay and had their access to the PartsBase website
 revoked.  In addition, many of the 3,000 "paying" subscribers never actually
 paid PartsBase any money, but had merely given a company purchase order for
 the membership based on promises from the Company's salespersons that the
 purchase order did not need to be paid if the customer was not satisfied with
 the membership.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 18, 2001,  move the Court to serve as lead plaintiff of the class, if you
 so choose.  In order to serve as lead plaintiff, however, you must meet
 certain legal requirements.
 
     CONTACT:  Schiffrin & Barroway, LLP
               Marc A. Topaz, Esq.
               Stuart L. Berman, Esq.
               Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
               1-888-299-7706 (toll free) or 1-610-667-7706
               Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X24124854
 
 

SOURCE Schiffrin & Barroway, LLP
    BALA CYNWYD, Pa., April 27 /PRNewswire/ -- The following statement was
 issued today by the law firm of Schiffrin & Barroway, LLP:
 
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of Florida, on behalf of all
 purchasers of the common stock of PartsBase.com, Inc. (Nasdaq:   PRTS)
 ("PartsBase" or the "Company") pursuant to the prospectus and registration
 statement (the "Registration Statement") filed in connection with PartsBase's
 initial public offering ("IPO") on March 20, 2000, up to and including
 April 25, 2000 (the "Class Period").
     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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges PartsBase, certain of its officers and directors,
 and the two lead underwriters for the IPO, Roth Capital Partners, Inc. and PMG
 Capital Corp., with violations of the Securities Act of 1933.  Specifically,
 the complaint alleges that during 1999, defendants issued and sold more than
 $45 million of PartBase stock in its IPO.  Thereafter, in connection with
 PartsBase issuing its first earnings press release, defendants revealed facts
 confirming that the Registration Statement issued by defendants in connection
 with the IPO had been false when issued.  In the Registration Statement,
 defendants claimed that PartsBase had "over 13,000 members."  Substantially
 all of the Company's revenues are generated through member subscription fees.
 The complaint further alleges that the Registration Statement failed to
 disclose that PartsBase actually had approximately 3,000 paying members.  The
 Company offered a free trial membership that lasted a few days after which the
 "trial members" access codes were revoked if they did not agree to become
 paying members.  As alleged in the complaint, the vast majority of the so-
 called "13,000 members" were, in fact, "trial members" whose trial membership
 had lapsed.  Defendants continued to count the "trial members" as members,
 even though they did not pay and had their access to the PartsBase website
 revoked.  In addition, many of the 3,000 "paying" subscribers never actually
 paid PartsBase any money, but had merely given a company purchase order for
 the membership based on promises from the Company's salespersons that the
 purchase order did not need to be paid if the customer was not satisfied with
 the membership.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 18, 2001,  move the Court to serve as lead plaintiff of the class, if you
 so choose.  In order to serve as lead plaintiff, however, you must meet
 certain legal requirements.
 
     CONTACT:  Schiffrin & Barroway, LLP
               Marc A. Topaz, Esq.
               Stuart L. Berman, Esq.
               Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
               1-888-299-7706 (toll free) or 1-610-667-7706
               Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X24124854
 
 SOURCE  Schiffrin & Barroway, LLP