Yet another class-action lawsuit is being filed against the underwriters of Value America’s ’99 initial public offering. Shareholders charge that they created a distorted sense of demand for the stock. Reed Williams has the story in today’s Progress.
News and meta-news about Charlottesville, VA, since 2001.
Sideblog
Police announced this afternoon that their investigation into what was initially believed to be a fatal fire on Rugby Avenue is now a homicide investigation. #
The Virginia Supreme Court has denied George Huguely’s appeal. His second-degree murder conviction will stand, WRIC reports. #
In a carefully worded story, and not citing specific sources, WTVR reports that forensic evidence belonging to Jesse Matthew Jr., the main suspect in the disappearance of Hannah Graham, matches forensic evidence collected during the investigation of Morgan Harrington’s 2009 murder. #
In the wake of Hannah Graham’s disappearance, and the evidence that came from private security footage, city officials are revisiting the question of installing security cameras on the downtown mall. #
Both Charlottesville Registrar Sheri Iachetta and former Electoral Board member Stephanie Commander have turned themselves in to the police on
foursix and four felony counts of embezzlement, respectively. #Ten years ago, the National Institutes of Health budget doubled and schools like the University of Virginia built massive new research facilities. A decade later, those buildings remain largely underutilized. NPR visits UVA in this story on the effect of federal binge and spurge spending in the sciences. #
In 2012, Council approved a new student housing complex on West Main—now some council members are questioning whether what they were shown matches what was built. #
The Architectural Review Board has approved a bike-themed mural on West Market, below the McGuffey Art Center, although at least one member expressed concerns that it might look like the bicyclists were riding away from Charlottesville’s downtown. #
City Police Chief Tim Longo is meeting with city leaders to work on protocols regarding the use of military surplus police weapons in Charlottesville. #
A 100-year-old Colonnades resident received military honors for her service in the WWII Women’s Army Corps #
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I can’t begin to express how little sympathy that I have for VA investors. I was witness to the buzz around town when the company was about to start, the rich folk talking about what they were going to invest. I got a few of them to explain it to me, and I tried to convince them why this 0-inventory business would be a disaster. Not because I’m some business uber-genius, but because it was so grossly obvious that this model sucked. What was really incredible was that they managed to IPO and sucker millions of people into investing in them.
They’re lucky that Alan Greenspan isn’t suing them for flushing so much money down the toilet.
Yeah, if you were thinking models then, Value America was a load of crap, but most people were looking at the .com suffix, hearing IPO and thinking life would be green if they just got in on the ground floor. It happens.
If you jumped the proverbial bandwagon looking for life in the fast lane or said “they’re doing fine, see, because X has a big new house” there’s not much anyone can do for you.
Now, if your financial planner (get one before you throw money at strangers) put your cash in VA, they deserve a boot in the ass.