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Shareholder Group Files Class Action Suit Against Valley Media

8 Nov, 2001 By: Joan Villa

A class action lawsuit was filed against Valley Media on behalf of shareholders who owned the distributor’s stock between March 26, 1999 and Dec. 6, 2000.

The action, taken in U.S. District Court for the Southern District of New York, names former Valley c.e.o. Rob Cain, founder Barnet Cohen and former c.f.o. Randy Cerf, as well as underwriters J.P. Morgan Securities and BancBoston Robertson Stephens for violations of securities law governing initial public offerings.

New York legal firm Bernstein Liebhard & Lifshitz filed the suit.

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