Berger & Montague P.C. Filed Class Action Lawsuit Alleging Securities Fraud Against Spyglass Inc. and Certain of its Officers and Directors.PHILADELPHIA--(BUSINESS WIRE)--Feb. 25, 1999--On Feb. 11, 1999, Berger Berger may refer to: Places
Berger is a relatively common last name. It means mountaineer in Dutch and German, and shepherd in French. & Montague P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. . filed a securities fraud class action against Spyglass Inc., and certain of its officers and directors. (Nasdaq:SPYG). The case was filed in the United States District Court for the Northern District of Illinois The United States District Court for the Northern District of Illinois is the Federal district court whose jurisdiction comprises the following counties, divided into two divisions: on behalf of persons who purchased Spyglass common stock during the period between Oct. 20, 1998 and Jan. 4, 1999, inclusive (the "Class Period"). The Complaint charges that Spyglass and certain of its officers and directors 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. Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by misrepresenting or failing to disclose material information about Spyglass' operations and financial condition. Plaintiff specifically alleges that defendants' statements during the Class Period were false and misleading because contracts with several key clients were not finalized See finalization. as represented in public statements. The revenue expected from these contracts, which is likely to never materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , had formed the basis for forecasts of first quarter profitability. In that regard, on Jan. 4, 1999 the Company announced that contrary to statements made during the Class Period, first quarter results would not meet prior estimates. As a result, the stock plummeted on heavy trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. from $22.00 per share, the closing price on Jan. 3, 1999, to a low of $14.50 per share on Jan. 4, 1999. The market price of Spyglass common stock was artificially inflated during the Class Period, enabling certain defendants to take advantage of their inside knowledge by selling more than 500,000 shares of their own Spyglass stock, netting proceeds in excess of $9.1 million. Berger & Montague P.C., plaintiff's counsel in this action, 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 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 to investors. The firm is currently representing investors as lead counsel in 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. If you purchased Spyglass common stock during the period between Oct. 20, 1998, and Jan. 4, 1999, inclusive, you may wish to join the action. You may move the Court no later than March 30, 1999, to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards. If you would like to receive a copy of the Complaint, or have any questions concerning this notice or with regard to your rights, please contact: Sherrie R. Savett Esq., or Douglas M. Risen Esq., 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. |
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