Feeds

Amazon sued by its shareholders

Accused of misleading them over finances

  • alert
  • submit to reddit

3 Big data security analytics techniques

Amazon shareholders has brought several class action suits against the online giant for misleading them over the state of its finances.

The lawsuits - filed in Washington - state that Amazon "issued a series of materially false and misleading statements which artificially inflated the price of Amazon securities" during February and March this year. They also claim that Amazon "inflated" the money it made from start-ups it had invested in. It also failed to say that this "revenue" was mostly in the form of shares.

The suits have been filed by several companies representing stockholders in the company.

Amazon, of course, denied the allegations. "We have always worked hard to be extremely open, careful and accurate in our public disclosures," it said. "It is clear these lawsuits are without merit, and we expect that they will be dismissed by the court."

A fortnight ago, the FBI announced it was investigating Amazon CEO Jeff Bezos over share-selling just prior to publication to a negative financial report. ®

Related Story

Amazon's Bezos investigated by Feds

Combat fraud and increase customer satisfaction

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.