Berger & Montague, P.C. Files Class Action Lawsuit Alleging Iridium World Communications, Ltd. Fraudulently Reported Financial Results.PHILADELPHIA--(BUSINESS WIRE)--May 21, 1999-- Berger & Montague, P.C. announces that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax in the United States District Court for the District of Columbia The United States District Court for the District of Columbia is the United States District Court that hears cases originating in the District of Columbia over which federal courts have original jurisdiction. was filed against Iridium iridium (ĭrĭd`ēəm), metallic chemical element; symbol Ir; at. no. 77; at. wt. 192.22; m.p. about 2,410°C;; b.p. about 4,130°C;; sp. gr. 22.55 at 20°C;; valence +3 or +4. World Communications, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IRID IRID Idaho Registry of Interpreters for the Deaf ) and certain officers and directors of the company, and Motorola, Inc., its largest shareholder. The lawsuit lawsuit: see procedure; tort. was filed on behalf of all purchasers of Iridium securities between September 9, 1998 and March 29, 1999 inclusive (the "Class Period"). The Complaint asserts that defendants violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by making material misrepresentations and omissions that caused the Company's stock to trade at artificially inflated levels during the Class Period. The Complaint alleges that defendants falsely reported its ability to begin commercial sales of satellite cellular telephones it was developing, and withheld important information from investors regarding software and hardware problems that made the telephones unreliable. During the same period, Iridium is alleged to have sold $250 million of its own stock at inflated prices, and two top officers are alleged to have sold large amounts of their own Iridium stock. If you purchased Iridium common stock during the Class Period, and you wish to join this action, you may, not later than June 21, 1999, move the court to serve as a representative plaintiff for the Class. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to these matters, please contact the individuals named below. Plaintiffs seek to recover damages on behalf of investors who purchased Iridium securities during the Class Period, and are represented by Berger & Montague, P.C., and other firms. Berger & Montague, P.C. has over 50 attorneys representing plaintiffs in complex litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The Berger firm has extensive experience in representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries in excess of two billion dollars for investors. Berger & Montague, P.C. is currently representing investors as lead counsel in securities actions against Waste Management Inc., Sunbeam Corp., and Boston Chicken, among others. For more information about Berger & Montague, P.C., please visit our home page at http://home.bm.net or contact us by telephone, fax or e-mail. |
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