MarchFirst settles class action suit
Though no one officially has admitted guilt, the Board of Directors of the now-defunct MarchFirst Corporation have recently settled a class action law suit against them.
The case against MarchFirst stemmed from accusations that its leadership, most notably, Robert Barnhardt, misled investors by exagerrating their accounts receivables and filing misleading reports with the FCC back in 2000-2001. According to the terms of the settlement, MarchFirst will deposit into escrow the sum of $18 million for distribution to former stockholders who, according to records, lost millions.
Another sad story of the early days of the Inernet economy and those leaders who helped build it and who inevitably brought it down. Better days are ahead for the rest of us.