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.