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FreeMarkets hit with shareholder suit

A class-action lawsuit was filed against business-to-business marketplace provider FreeMarkets on behalf of shareholders who purchased the company's stock between July 24, 2000, and April 23, 2001. The complaint, filed by the Washington, D.C.-based law office of Mark McNair, says "FreeMarkets improperly accounted for its financial results for the second, third and fourth quarters, and the year of fiscal 2000." The suit names FreeMarkets' chief executive and chief financial officer as defendants, charging that they collectively sold thousands of shares of FreeMarkets common stock between that time period for proceeds over $17 million.

A class-action lawsuit was filed against business-to-business marketplace provider FreeMarkets on behalf of shareholders who purchased the company's stock between July 24, 2000, and April 23, 2001. The complaint, filed by the Washington, D.C.-based law office of Mark McNair, says "FreeMarkets improperly accounted for its financial results for the second, third and fourth quarters, and the year of fiscal 2000."

The suit names FreeMarkets' chief executive and chief financial officer as defendants, charging that they collectively sold thousands of shares of FreeMarkets common stock between that time period for proceeds over $17 million.