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Luxury retailer Odimo Inc to defend securities lawsuit

29
Aug '05
Premier online luxury goods retailer, through three websites (diamond.com, ashford.com, and worldofwatches.com) Odimo Incorporated announced that it received notice that a securities class action complaint has been filed against the Company and two of its officers in Circuit Court in Broward County, Florida on behalf of a purported class of purchasers of the Company's common stock. The complaint alleges violations of federal securities laws due to allegedly false and misleading statements in Odimo's public disclosures in connection with its initial public offering.

Alan Lipton, Odimo's President and Chief Executive Officer, commented: "Company firmly believe that this lawsuit is without merit and we intend to vigorously defend the Company and employees."

Florida based Odimo's websites collectively showcase over 2,000 watch styles; a large assortment of luxury goods, such as designer handbags and fashion accessories, fragrances and sunglasses; more than 25,000 independently certified diamonds; and a wide range of precious and semi-precious jewelry.

The Company sells brand name goods at discounts to suggested retail prices, and diamonds and fine jewelry at competitive prices. The Company features many of the branded items available in leading department and specialty stores, as well as diamonds certified by the Gemological Institute of America(GIA).

Odimo Incorporated


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