UBuy Holdings Inc. ("UBuy" or the Company) (Other OTC: UBYH) operates eCommerce websites.

The class action lawsuit against 57 Defendants, including certain former officers and directors of UBuy alleging various violations of both Federal and State securities laws, rules and regulations was filed on June 16, 2003 in the United States District Court, Southern District of Florida, Ft. Lauderdale Division. The lawsuit centers around a "pump and dump" scheme in E-PAWN.COM'S common stock from January through June of 2000. The scheme resulted in Federal Criminal Indictments in the United States District Court for the Southern District of New York which was filed on June 14, 2000 against four individuals. The action seeks damages on behalf of investors.

On October 12 2004, the Court entered Final Order signed by U.S. District Judge William J. Zloch granting the Defendants’ motion to dismiss the amended Complaint. All pending motions were denied as moot, and the case was closed. On April 5, 2006, the Court entered the Order signed by Judge William J. Zloch denying without prejudice a Defendant’s motion for mandatory review regarding Plaintiffs' non-compliance with Fed.R.Civ.P. 11(b); denying without prejudice the same Defendant’s motion for imposition of sanctions; and, denying without prejudice another Defendants’ motion for imposition of sanctions.