November 30, 2001
netLibrary Files for Bankruptcy Protection
The struggling e-book provider netLibrary filed for Chapter 11 bankruptcy protection this month, and the nonprofit library organization OCLC offered to purchase all of the company's assets.
The company's fiscal implosion came just five days after one of its investors filed a lawsuit in federal court alleging that netLibrary had overstated its earnings to attract venture capital.
The fate of the company's collection of more than 33,000 full-text books is now in the hands of a
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