CAI Wireless Systems, Inc. responds to class action lawsuit.ALBANY, N.Y.--(BUSINESS WIRE)--Nov. 25, 1996--CAI Wireless Systems, Inc. ("CAI (1) (Computer-Assisted Instruction) Same as CBT. (2) See CA. CAI - Computer-Aided Instruction ") (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 NM: CAWS CAWS Create A Wrestler (video games) CAWS Community Animal Welfare Society (Salt Lake City, Utah) CAWS Close Assault Weapon System CAWS Common Arrangement of Work Sections (engineering) ) today announced that it believes that the 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 filed in the United States District Court for the Northern District of New York The United States District Court for the Northern District of New York serves one of the 94 judicial districts in the United States and one of four in the state of New York. The current U.S. Attorney for the district is Glenn T. Suddaby. on November 22, 1996 is totally baseless and without merit. The lawsuit was announced after the close of business on Friday, November 22, 1996. CAI has not yet been served with the complaint, but does not believe that the allegations summarized in the November 22nd press release can be sustained or will result in any liability to CAI whatsoever. "CAI has always taken a very conservative approach to its disclosure obligations, and we are confident that the facts will bear this out," said Jared E. Abbruzzese, Chairman and Chief Executive Officer of CAI. "As CAI has repeatedly expressed in its Securities and Exchange Commission filings and otherwise, this is an emerging technology, subject to various regulatory and other constraints, all of which CAI has worked within since its inception. It is unfortunate that corporate resources must be wasted defending lawsuits such as these, instead of being put to more productive uses." CAI expects that it will be served with the lawsuit today, and intends to vigorously defend the action. CONTACT: Investor Relations Contact: Jason Thompson Lippert/Heilshorn & Associates, Inc. Tel: 212/838-3777 or James P. Ashman CFO See Chief Financial Officer. , CAI Wireless Systems, Inc. Tel: 518/462-2632 |
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