Burt &Pucillo Announces Notice of Pendency of Class Action Against Sunterra Corporation.Business Editors/Legal Writers WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Jan. 25, 2000 Pursuant to Section 21D(a)(3)(A)(i) of the Securities Exchange Act of 1934 (&uot;Exchange Act&uot;), Notice is hereby given that on January 25, 2000, 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 alleging violations of the federal securities laws was filed in the United States District Court for the Middle District of Florida The United States District Court for the Middle District of Florida serves the residents of thirty-five counties from eight courthouses. The counties are: Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, De Soto, Duval, Flagler, Glades, Hamilton, Hardee, against Sunterra Corporation, Case No. 6:00-CV- 97-ORL-19A. The action is brought on behalf of a class of persons who purchased the common stock of Sunterra Corporation (NYSE NYSE See: New York Stock Exchange :OWN) (&uot;Sunterra&uot; or the &uot;Company&uot;) during the period from October 4, 1998 and January 19, 2000 (the &uot;Class Period&uot;). The Complaint alleges that Sunterra and certain of its officers and directors violated the Securities Exchange Act of 1934 and Rule 10b-5 by issuing materially false and misleading information concerning Sunterra's business and financial condition during the Class Period between October 4, 1998 and January 19, 2000. It alleges that on January 20, 2000 the Defendants revealed that the Company would be taking a charge of $38 to $45 million to write off delinquent accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying which had been improperly left on the Company's books. As a consequence, at that time it was revealed that Sunterra's fourth quarter earnings would be in the range of $0.01 to $0.08 per share as compared with earnings of $0.31 per share during the prior year. After this disclosure, Sunterra's stock plunged by more than 35% in price. The action was filed by the firm of Burt &Pucillo, LLP LLP - Lower Layer Protocol (&uot;Burt &Pucillo&uot;) of West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . The firm of Burt &Pucillo concentrates its practice in the representation of shareholders in class action claims under the federal securities laws in Florida and throughout the United States. For further information on the firm's prior experience in class and securities 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. and expertise in the prosecution of such claims, or if you are a member of the Class described above and wish to serve as a lead plaintiff in this action, you may contact Plaintiffs' counsel, C. Oliver Burt, III, or Michael J. Pucillo at Burt &Pucillo, at 561/835-9400 or 800/349-4612, or e-mail address: law@burt-pucillo.com. Motions for appointment of a lead plaintiff must be filed on or before March 21, 2000. |
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