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Former AOL Boss To Answer Qusetions - 8/12/2004 10:14:14 AM   
SiliconFreak


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Joined: 7/4/2003
From: Melbourne, Victoria, AUS
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Former AOL Chairman Steve Case will have to answer questions, in a New York District Court, about his role in misleading investors about the ISP's prospects. The allegations concern statements made in January 2000 when AOL was looking to merge with Time-Warner. The deal hinged on the value of the AOL share price at the time.
However, within months the share price crashed as the dot com boom came to an end. Investors who lost money on AOL allege that the company knowingly misrepresented its advertising revenues.

In May of this year Judge Shirley Wohl Kram said Case had no errr...case to answer. However, one of the aggrieved investors, the Minnesota State Board of Investment, has now presented new evidence and Judge Cram has reversed her decision.

The investors, who claim to have lost billions on the deal, are trying to reclaim some of their money via a civil action against Case, Joseph Ripp, the CFO at the time, former AOL-Time Warner CEO Gerald Levin and AOL itself.


Source : PCPro
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