In April 2001 the shareholders of the  Nasdaq-listed dotcom Rediff.com
India Litimed filed a class action in New York against the management of the
company , of which Li,the son of the Hong Kong super-tycoon Li
Ka-shing, was a director, for falsely claiming that he was a graduate
of Stanford University. The investors alleged that Richard Li,who is
also the Pacific Century CyberWorks chairman, and other executives of
the Indian portal Rediff.com misled them with Li's ``false
credentials''Could anyone tell me the latest developments or the
result of this case?Personal experiences or any other
sources(especially online) are equally welcomed.

As of July 25, 2002, the case was still pending. That is according to
the quarterly report of the company, available at
(http://www.sec.gov/Archives/edgar/data/1103783/000106823802000235/f6krediffaug-02.htm).
Because Rediff.com trades publicly, it has to report such information
about legal actions that could affect the company's finances.

As the SEC document explains, several cases have been filed against
Rediff.com.

The law firm Lovell & Stewart provides the case number and original
complaint at (http://www.lovellstewart.com/homejump.ihtml?page=newsitem.ihtml&id=34).
The case number is 01-CV-3020 at the U.S. District Court for the
Southern District of New York.

A page from Stanford University
(http://securities.stanford.edu/1017/REDF01/) discusses another case
filed against Rediff.com shortly after the original suit. The page
provides the case number (01-CV-3814), contact numbers for the
plantiffs' attorneys and a copy of the complaint.

You can reach the court at (212) 805-0136.

Please request clarification if you need more information. Thank you.

Search strategy:

rediff.com lawsuit
://www.google.com/search?sourceid=navclient&q=rediff%2Ecom+lawsuit

Rediff class-action lawsuit
://www.google.com/search?sourceid=navclient&q=Rediff+class%2Daction+lawsuit

US Southern District New York
://www.google.com/search?sourceid=navclient&q=US+Southern+District+New+York

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Request for Answer Clarification by dr_chung-ga on 28 Aug 2002 02:15 PDT

Hey mwalcoff,

Thanks for your prompt and useful help first of all.

But it would be very nice if you could tell me as well that(1) if
Richard Li is still the director of the Rediff.com;(2)how much the
investors demand from the company;(3)if you were living in the
States,have you ever(or how frequently)heard this case mentioned in
the media or among the people you know?

Regards.

dr_chung

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Clarification of Answer by mwalcoff-ga on 28 Aug 2002 05:32 PDT

1) Richard Li is not listed as a director in the company's July 12,
2002 annual report (http://www.sec.gov/Archives/edgar/data/1103783/000091205702027114/a2084152z20-f.txt).

2) The Lovell & Stewart complaint does not demand a specific dollar
amount in compensation, simply "damages and statutory compensation."

3) Personally, I had not heard of the case, but then I do not follow
securities litigation or dot-com business very closely. My searches
for information on the case turned up mostly articles in publications
published in or focused on Asia. Keep in mind that there are hundreds
of lawsuits like this one filed in the U.S. every year, and one filed
against a small-cap foreign company is not likely to generate a lot of
attention in the mainstream media.

Finally, I want to add that according to the company's quarterly
report, the case is in an "early procedural stage." Also, the several
seperate cases have been combined into a single case before the
federal court in New York.

Hey mwalcoff,

Thanks again for your conscientious work.It does help me in writing
about him.If you happen to come across any similarly useful
information later, you are most welcomed to come here to add
comments.I shall be very grateful!

Regards
dr_chung