Ticketmaster is latest rocket from Internet

Article Abstract:

Ticketmaster Online-CitySearch's initial public offering price leaped 188% from its offering price. The online entertainment ticket vendor, of which Barry Diller's USA Networks owns more than a 50% stake, opened at more than $50 a share. This represents more than 3 1/2 times the conservative $14 per-share listing by NationsBanc Montgomery Securities, its lead underwriter. Internet investors and day traders drove up the price to as high as $61 at some quote-vendors. More than six million shares were exchanged within 30 minutes of the opening, then the price plummeted by more than 20% at the close. Ticketmaster Online, which features revenue but no profits, finished the day by selling seven million share and raising $98 million. A Standard & Poor's analyst does not expect the company to show profits until 2002, but says Ticketmaster Online's numerous revenue sources make it attractive.

United States, On-Line Information Services, Videotex & Teletext, Telegraph & other communications, Organizational history, Entertainers & entertainment groups, Musical Groups and Artists, Concert & Other Artists & Producers, Online services, Internet services, Electronic commerce, E-commerce, Securities, Initial public offerings, Ticket brokers, Company public offering, Ticketmaster Online-CitySearch Inc.

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New York state accuses three firms and 36 individuals of securities fraud

Article Abstract:

Stone Asset Inc.,Tampa, FL-based Abbey-Ashford Securities Inc., and J.B. Michaels Associates have been accused by the state of New York of having their brokers defraud customers by misrepresenting the potential for profits in small stocks. The executives and brokers are also accused of using ficticious names. Those involved in perpetrating the alleged fraud invented people and then pretended to be them.

Comment:

Has been accused by state of NY of having their brokers defraud customers by misrepresentation

Legal issues & crime, Securities Dealers, Investment Banking and Securities Dealing, New York, Legal/Government Regulation, Article, Stone Asset Inc., Abbey-Ashford Securities Inc., J.B. Michaels Associates

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