Berger & Montague, P.C. Files Class Action Lawsuit Creditrust Corporation.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--Aug. 14, 2000 The following notice is issued by the law firm of Berger & Montague, P.C. onbehalf of its client, who on July 14, 2000, filed a complaint in a lawsuit lawsuit: see procedure; tort. in the United States District Court for the District of Maryland The United States District Court for the District of Maryland is the Federal district court whose jurisdiction is the state of Maryland. Notable judges in this district include William Paca, a signer of the United States Declaration of Independence. on behalf of all persons who purchased the common stock of Creditrust Corporation (Nasdaq: CRDT CRDT Central Regional Dental Test(ing) CRDT Cross Ratio Delaunay Triangulation CRDT Cell-Rate-Based Dynamic Threshold CRDT Common Rail Diesel Turbo - news, CRDTQ - news) during the period of July 29, 1998 through March 31, 2000. The Complaint alleges certain officers and directors of Creditrust Corporation ("Creditrust") with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that the officers and directors, by causing Creditrust to issue false and misleading statements in Creditrust's press releases and public filings during the Class Period, artificially inflated the price of Creditrust common stock during the class period. The defendant officers and directors caused Creditrust to overstate its earnings by deliberately inflating the estimated amounts that could be collected on bad debt receivables purchased by the Company, thereby inflating revenue and pre-tax earnings by at least $4.9 million for the fiscal year 1999 alone. In addition, defendant Rensin sold more than 500,000 shares of his personal holdings in the company during the class period for a profit in excess of $18 million. Plaintiff seeks to recover damages on behalf of all purchasers of Creditrust common stock during the Class Period (the "Class"). If you are a member of the Class described above, you may, no later than September 12, 2000 move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent 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 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 to investors. The firm is currently representing investors as lead counsel in actions against Waste Management, Inc Waste Management, Inc. (NYSE: WMI) is a waste management, comprehensive waste, and environmental services company in North America. The company's network includes 413 collection operations, 370 transfer stations, 283 active landfill disposal sites, 17 waste-to-energy plants, ., Sunbeam, Alcatel, Boston Chicken and IKON Office Solutions IKON Office Solutions (NYSE: IKN) is a Fortune 500 company based in Malvern, Pennsylvania. Formerly part of ALCO Standard. IKON integrates copy machines and fax systems to assist businesses. , Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. litigation has been recognized by numerous courts. For example: "Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000). "...[Y]ou have acted the way lawyers at their best ought to act. And I have had a lot of cases ... in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here... I would say this has been the best representation that I have seen." In Re Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million). If you purchased Creditrust Corporation common stock during the Class Period, or have any questions concerning this notice or your right with respect to this matter, you may contact: Todd S Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. . Collins, Esquire Kimberly A. Walker, Investor Relations Investor relations The process by which the corporation communicates with its investors. Manager Berger & Montague, P.C. 1622 Locust locust, in botany locust, in botany, any species of the genus Robinia, deciduous trees or shrubs of the family Leguminosae (pulse family) native to the United States and Mexico. Street Philadelphia, PA 19103 215-875-3000 888-891-2289 Fax: 215-875-4604 Website: http://home.bm.net e-mail: InvestorProtect@bm.net |
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