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CDNow shareholders file class action suit

Cyberbiz Brief

The buyout by Bertelsmann that kept the company afloat wasn’t enough to keep CDNow shareholders happy. A class action lawsuit has been filed on their behalf in U.S. District Court in Pennsylvania, charging that the e-tailer misled shareholders by delaying the release of a negative financial report done by auditors. Attempts to reach a spokesperson with CDNow for comment were unsuccessful. Shares of CDNow closed unchanged at $2.94 in trading Friday.

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