Los Angeles, California (PRWEB) February 25, 2011
Attorney Kenneth Eade announced today that Investorshub.com has been served with the summons and complaint in his multi million dollar libel case , case number CV11-01315PA, on February 14, 2011. A motion for expedited discovery was filed on February 21, 2011, requesting the court to allow plaintiff to discover information regarding the identity and whereabouts of Doe defendants before the Rule 26 early meeting of counsel. "The Internet is a wonderful tool to share information and exercise free speech, but its abuse occurs when people use it to hurt others," said Eade. "Libelous speech is not protected by the constitution and the most damage occurs when speakers shirk responsibility by hiding behind annonymous made up names," he added. "Our discovery will be designed to unmask the posters."
The motion asks the court to expedite discovery so that the plaintiff can uncover the identity of Doe defendants before the time normally allowed by Federal Rule of Civil Procedure 26. "If stock bulletin boards were forced to reveal the identities of their posters, then less abuses would occur," said Eade. "I have received many emails from people who are concerned about annonymous posters who attempt to "pump" a stock on the boards by praising over the counter traded companies, as well as those who are concerned with 'bashing' a company, a process where annonymous posters post negative things about a company in an attempt to depress its stock price," he said. "The mainstream press has a set of ethics and rules to follow. Unfortunately, there is no code of ethics for annonymous posters." Eade's case contends that certain posters on Investors Hub are paid to tout or criticize stocks. This practice could violate SEC regulations which require stock promotion compensation to be disclosed. The SEC provides information to investors about Internet stock fraud practices at http://www.sec.gov/investor/pubs/cyberfraud.htm.