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Class Action Lawsuit Commenced Against Autobytel.com, Inc.

    PHILADELPHIA, Aug. 31 A class action lawsuit was filed in
the United States District Court for the Southern District of New York on
behalf of purchasers of the securities of Autobytel.com, Inc.
between March 25, 1999 and December 6, 2000, inclusive.

    The action names as defendants Autobytel.com, Lehman Brothers, Inc., Bear,
Stearns & Co., Inc., Goldman Sachs & Co., Morgan Stanley & Co. Incorporated
and Salomon Smith Barney, Inc.

    The complaint alleges violations of Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On or about March
25, 1999, Autobytel and selling shareholders commenced an initial public
offering of 4,500,000 of its shares of common stock at an offering price of
$23 per share (the "Autobytel IPO"). In connection therewith, Autobytel filed
a registration statement, which incorporated a prospectus (the "Prospectus"),
with the SEC. The complaint further alleges that the Prospectus was materially
false and misleading because it failed to disclose, among other things, that:
(i) defendants had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which defendants allocated
to those investors material portions of the restricted number of Autobytel
shares issued in connection with the Autobytel IPO; and (ii) defendants had
entered into agreements with customers whereby defendants agreed to allocate
Autobytel shares to those customers in the Autobytel IPO in exchange for which
the customers agreed to purchase additional Autobytel shares in the
aftermarket at pre-determined prices. As alleged in the complaint, the SEC is
investigating underwriting practices in connection with several other initial
public offerings.

    Plaintiff is represented by The Law Offices of Marc S. Henzel. If you are
a member of the class described above, you have until September 24, 2001, to
participate in the case and ask the Court to appoint you as one of the lead
plaintiffs for the Class. In order to serve as lead plaintiff, however, you
must meet certain legal requirements. You do not need to seek appointment as a
lead plaintiff in order to share in any recovery.

    If you have any questions concerning this case or your rights or interests
with respect to these matters, please contact: Marc S. Henzel, Esq. of The Law
Offices of Marc S. Henzel, 210 West Washington Square, Third Floor
Philadelphia, PA 19106, by telephone at 888-643-6735 or 215-625-9999, by
facsimile at 215-440-9475, by e-mail at Mhenzel182@aol.com or visit the firm's
website at http://members.aol.com/mhenzel182.