IVILLAGE TO FIGHT CLASS ACTION
NEW YORK — Women’s media network iVillage Inc. said it plans to “vigorously defend” against a class action filed in New York federal court on Dec. 3, charging its Women.com unit, certain of the unit’s former officers and directors and some underwriters of the unit’s initial public offering with violations of federal securities law concerning that October 1999 IPO.
IVillage, which acquired Women.com from Hearst Corp. this June, has yet to be served with a copy of the complaint. Shares of iVillage, which went public at $24 in March 1999, added 7 cents to close at $1.28 in Nasdaq trading Tuesday. During the past 52 weeks, the issue has ranged as high as $2.50 and as low as 37 cents a share.