A class action lawsuit has been filed against Exodus Communications, Inc. and its senior executives in the United States District Court for the Northern District of California, seeking to recover damages on behalf of defrauded investors who purchased Exodus securities during the period from March 30, 2001 to June 20, 2001 (the ``Class Period'').
The complaint asserts claims against defendants Exodus, Ellen M. Hancock, R. Marshall Case, Dick Stoltz, Herbert A. Dollahite and Adam W. Wegner for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of false and misleading statements about the Company's business, earnings growth and financial condition during the Class Period, while certain of them were selling hundreds of thousands of shares at inflated prices. The civil action number is C-01-02661 (JCS). Honorable Joseph C. Spero is the Judge assigned to the case.
Plaintiff seeks to recover damages on behalf of all those who purchased Exodus common stock during the Class Period, excluding defendants and their affiliates.