Weiss & Yourman Files Class Action Lawsuit Against PurchasePro.com, Inc.

Apr 26, 2001, 01:00 ET from Weiss & Yourman

    LOS ANGELES, April 26 /PRNewswire/ -- Weiss & Yourman announced that it
 has filed a class action complaint on behalf of all persons who acquired
 PurchasePro.com, Inc. (Nasdaq: PPRO) securities between July 19, 2000, and
 April 25, 2001, inclusive (the "Class Period").  The complaint charges
 PurchasePro and certain officers/directors with violations of Sections 10(b)
 and 20(a) of the Securities Exchange Act of 1934, alleging that they made
 numerous positive representations throughout the Class Period regarding the
 financial and business prospects of the Company, while knowing and withholding
 that the Company was improperly recognizing revenue in order to artificially
 inflate the trading value of PurchasePro securities for their own personal
 benefit.
     According to the complaint, since the disclosure of these, and other,
 adverse facts would have caused a severe collapse in the price of the
 Company's securities, defendants set out on a scheme to artificially inflate
 PurchasePro's stock price so that they could maintain their lucrative
 positions and earn ill-gotten gains through their insider trading practices,
 among other things.
     As a result of defendants' false statements, misrepresentations, and
 omissions, the price of PurchasePro's securities was artificially inflated
 during the Class Period.  In fact, the Company's securities closed as high as
 $44.95 on September 22, 2000, and were maintained at an artificially inflated
 level until the Company disclosed its dismal financial condition on or about
 April 25, 2001.  These disclosures caused the stock price of PurchasePro to
 plummet approximately 35% in one day from $6.22 to $4.05 on April 25, 2001, on
 volume of over 11 million shares.
     If you are a member of the class described above, you may, no later than
 June 25, 2001, move the Court to serve as lead plaintiff, if you so choose.
 If you wish to discuss this action, or have any questions concerning this
 notice, or your rights or interests with respect to this matter, please
 contact: Jennifer Williams of Weiss & Yourman, 10940 Wilshire Blvd., 24th
 Floor, Los Angeles, CA  90024.  Telephone: (310) 208-2800 or Toll-free:
 (800) 437-7918.  E-mail: info@wyca.com.
     Plaintiff seeks to recover damages on behalf of all purchasers of
 PurchasePro common stock during the Class Period.  Plaintiff is represented by
 Weiss & Yourman, who has extensive experience in securities class actions.
 Information about Weiss & Yourman and more information about this case are
 available at www.wyca.com.
 
     Contact: Weiss & Yourman, 10940 Wilshire Blvd., 24th Floor, Los Angeles,
 CA  90024, Telephone: (310) 208-2800 or (800) 437-7918, E-mail:  info@wyca.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Weiss & Yourman
    LOS ANGELES, April 26 /PRNewswire/ -- Weiss & Yourman announced that it
 has filed a class action complaint on behalf of all persons who acquired
 PurchasePro.com, Inc. (Nasdaq: PPRO) securities between July 19, 2000, and
 April 25, 2001, inclusive (the "Class Period").  The complaint charges
 PurchasePro and certain officers/directors with violations of Sections 10(b)
 and 20(a) of the Securities Exchange Act of 1934, alleging that they made
 numerous positive representations throughout the Class Period regarding the
 financial and business prospects of the Company, while knowing and withholding
 that the Company was improperly recognizing revenue in order to artificially
 inflate the trading value of PurchasePro securities for their own personal
 benefit.
     According to the complaint, since the disclosure of these, and other,
 adverse facts would have caused a severe collapse in the price of the
 Company's securities, defendants set out on a scheme to artificially inflate
 PurchasePro's stock price so that they could maintain their lucrative
 positions and earn ill-gotten gains through their insider trading practices,
 among other things.
     As a result of defendants' false statements, misrepresentations, and
 omissions, the price of PurchasePro's securities was artificially inflated
 during the Class Period.  In fact, the Company's securities closed as high as
 $44.95 on September 22, 2000, and were maintained at an artificially inflated
 level until the Company disclosed its dismal financial condition on or about
 April 25, 2001.  These disclosures caused the stock price of PurchasePro to
 plummet approximately 35% in one day from $6.22 to $4.05 on April 25, 2001, on
 volume of over 11 million shares.
     If you are a member of the class described above, you may, no later than
 June 25, 2001, move the Court to serve as lead plaintiff, if you so choose.
 If you wish to discuss this action, or have any questions concerning this
 notice, or your rights or interests with respect to this matter, please
 contact: Jennifer Williams of Weiss & Yourman, 10940 Wilshire Blvd., 24th
 Floor, Los Angeles, CA  90024.  Telephone: (310) 208-2800 or Toll-free:
 (800) 437-7918.  E-mail: info@wyca.com.
     Plaintiff seeks to recover damages on behalf of all purchasers of
 PurchasePro common stock during the Class Period.  Plaintiff is represented by
 Weiss & Yourman, who has extensive experience in securities class actions.
 Information about Weiss & Yourman and more information about this case are
 available at www.wyca.com.
 
     Contact: Weiss & Yourman, 10940 Wilshire Blvd., 24th Floor, Los Angeles,
 CA  90024, Telephone: (310) 208-2800 or (800) 437-7918, E-mail:  info@wyca.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X57785773
 
 SOURCE  Weiss & Yourman