Courtesy of Benzinga.
Dyer & Berens today announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the securities of Travelzoo (NASDAQ: TZOO) between April 21, 2011 and July 21, 2011.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding the company’s operations, prospects and performance. Additionally, it charges that during the Class Period defendant Ralph Bartel, the company’s founder, a director and the former Chairman, CEO and President, “sold and/or disposed of over 2.436 million Travelzoo shares that he owned or controlled to reap illicit proceeds of over $186.528 million, while in possession of material adverse non-public information about the Company.” Based upon the foregoing, the complaint charges Bartel, the company, its CEO, and its former CFO with violations of the Securities Exchange Act of 1934.
