Latest Suit Keeps 2TheMart.com Stock Falling
2TheMart.com’s sagging stock moved lower Friday after the Irvine company was hit with its third class-action lawsuit in as many weeks. The stock, which in January soared from $2 to $50 on news that the company was developing an online auction site, closed Friday at $5.25 a share, down 69 cents, or 11.7%. The lawsuits accuse the company of making misleading statements about the readiness of its auction site, keeping the stock at an artificially high level. The company would not comment on the lawsuits.
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