RealTime IT News

Hitsgalore.com Named in Securities Fraud Lawsuit

The Los Angeles law firm of Weiss & Yourman said that it has filed a securities fraud class action complaint against troubled Hitsgalore.com Inc. on behalf of shareholders who purchased shares of Hitsgalore securities between Feb. 17 and May 13.

The stock of the Internet advertising company has taken whopping losses since the disclosure that its founder, Dorian Reed, along with two other individuals, had been ordered by the government to pay more than $600,000 to 100 customers for false claims made by Internet Business Broadcasting, a failed online advertising company for which they had worked.

Reed has since resigned. The company's stock, traded on the OTC market, (symbol: HITT) closed Friday at $7.093, down $2.344. It had traded at more than $20 a share earlier last week.