Carnegie International Releases Details on Settlement of Class Action Suit.Business Editors BALTIMORE--(BUSINESS WIRE)--Sept. 19, 2000 Settlement Includes $2.25 Million, Warrants, and Stake in Carnegie's $2.1 Billion Suit Against Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Carnegie International Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CGYC CGYC Canossian Global Youth Conference CGYC Common Ground Youth Church ) has released more financial information concerning the settling of a class action suit levied by certain shareholders. Carnegie Chairman E. David Gable said shareholders have agreed to a payment of $2.25 million, to be made by AIG, Carnegie's insurance carrier. In addition, Mr. Gable said shareholders will receive $3 million in warrants for Carnegie stock, exercisable at $3.00, and confirmed that shareholders will also receive a stake in the company's $2.1 billion law suit against Grant Thornton LLP, its former accounting firm (see "Carnegie International Corporation Files $2.1 Billion Suit Against Grant Thornton for Fraud, Negligence and Defamation," Business Wire, May 23, 2000). "Carnegie's Board, senior management team, employees and our shareholders are glad to put this chapter behind us and to move forward, especially with our corporate coffers intact," said Mr. Gable. Mr. Gable said Carnegie shareholders' 3 percent stake in the company's suit against Grant Thornton, one of the largest accounting firms in the country, is after expenses. The suit alleges fraud, negligence, intentional interference with business relations, fee-gouging, breach of contract, and defamation. The suit was filed in May 2000 in the Circuit Court for Baltimore City by Carnegie's nationally-recognized trial attorneys, William H. Murphy Jr. of Baltimore, and Willie E. Gary Willie E. Gary (born on July 12, 1947), once a migrant worker, is an attorney, motivational speaker and cable television executive. Gary has earned his reputation and nickname as "The Giant Killer" by winning suits against some of America's most well known corporate giants, such as of Stuart, Florida. The suit alleges that Grant Thornton solicited Carnegie to engage Grant Thornton, LLP to provide auditing and accounting services to its corporation, only to later negligently perform the work for which it is noted. "With the shareholder suit behind us," said Mr. Gable, "Carnegie can now focus on growing our core business in Internet support and computer telephony, working with our subsidiaries, completing planned acquisitions (see "Carnegie International Extends Closing Dates on Two Proposed Acquisitions," Business Wire, September 11), and working with our outstanding legal team in the Grant Thornton action." About Carnegie International Corporation Carnegie International Corporation (OTC BB: CGYC, www.carnegieint.com) is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. . Its primary wholly-owned subsidiaries include: RomNet Support Services, Inc., an Internet, e-business and technical support services company, Profit Through Telecommunications (Europe) Ltd. (PTT (1) (Postal, Telegraph & Telephone) The governmental agency responsible for combined postal, telegraph and telephone services in many European countries. (2) See push-to-talk. PTT - Post, Telephone and Telegraph administration ), a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive information; ACC See adaptive cruise control. Telecom of Columbia, Maryland, a leading reseller of equipment and business telephone systems from Cisco (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 : CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), Comdial (NASDAQ: CMDL CMDL Climate Monitoring and Diagnostics Laboratory CMDL Common Mission Data Loader ), Lucent (NYSE NYSE See: New York Stock Exchange : LU), SONY(R) (NYSE: SNE) and Sprint(R) (NYSE: FON); American Telephone & Computer, an Ameritech and Comdial dealer based in the Chicago suburbs; Voice Quest, Inc., of Sarasota, Florida, a developer and provider of speech recognition and voice mail technologies and products, Paramount International Telecommunications, Inc., of Vista, California, which serves hotels and other businesses, primarily in 0+/- call auditing and international one-plus sectors, and Federation of Associated Health Systems, Inc., of San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , which serves more than 700 hospitals with telecommunications services, primarily in 0+/- call auditing and international one-plus sectors. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corporation) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corporation. These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors. MAVIS is a trademark of Carnegie International Corporation. Other trademarks are properties of their respective owners. |
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