So far, claims have been filed by law firms in Seattle, California and New York, all seeking damaged shareholders and potential plaintiffs.
Attorneys expect more cases to be filed in coming days.
We are confident that our financial and accounting disclosures, including those related to the Amazon Commerce Network, have been correct and appropriate. Based on the allegations we have reviewed so far, it is clear that these lawsuits are without merit, and we expect that they will be dismissed by the court. The lawsuit claims that during that time, Bezos and other executives violated U.S. securities laws. Specifically, the lawsuit claims the executives provided false and misleading financial statements concerning the company's revenues, investments in joint ventures, earnings, cash flow and overall financial condition. The case could be important for providing information on the way so-called new economy companies handle disclosure of their investments in other new economy companies.