NEW YORK, August 14, 2001 - TheStreet.com (NASDAQ:TSCM) announced today that AremisSoft (NASDAQ:AREM) filed a notice of voluntary dismissal of a lawsuit filed against TheStreet.com and other parties.

AremisSoft had sued TheStreet.com last month, charging the online financial news provider had conspired with short-sellers to spread false information about AremisSoft in an attempt to drive down its share price. Herb Greenberg, a senior columnist at TheStreet.com, had written a series of columns exposing, among other things, that while AremisSoft said it had received and booked $7 million in fiscal year 2000 from Bulgaria's National Health Insurance Fund, the NHIF said in a press release that it had paid AremisSoft $1.7 million.

AremisSoft contended that TheStreet.com's reports on the Bulgarian payment were libelous. However, in a press release issued July 31, 2001, AremisSoft acknowledged that its independent auditors, PKF in London, had confirmed the $1.7 million payment from the Bulgarian Health Insurance Fund, but were unable to confirm the receipt of an additional $5.4 million of revenue. The release also noted that the PKF audit was ongoing.

"We believe that AremisSoft originally filed this suit in order to try to keep us from reporting the truth," said Thomas Clarke, Chief Executive Officer of TheStreet.com. "We are delighted that the truth was told and today's action only bears that out."

TheStreet.com, Inc. (Nasdaq: TSCM ) is a leading multimedia provider of original, timely, insightful and trustworthy financial commentary, analysis and news. TheStreet.com brand is built on our best-in-class editorial team of experienced financial commentators and journalists. On the Internet, our free, flagship web site, TheStreet.com, is accompanied by our premium, subscription-based site, RealMoney.com. In addition, our content is also available across diverse product offerings, including print, media, radio, books and conferences, and our strategic relationships with leading media, technology and financial services companies further assist us in leveraging our content and products.

Back to News Releases Index.