Class Action Lawsuit filed on behalf of Advanced Voice Technologies shareholders.NEW YORK--(BUSINESS WIRE)--April 9, 1997--Pursuant to Section 21 (D)(a)(3)(A)(i) of the Securities Exchange Act of 1934 (the "Exchange Act"), notice is hereby given that on April 7, 1997, 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 was filed in the United States District Court for the Eastern District of New York EDNY redirects here, for other uses see EDNY (disambiguation). The United States District Court for the Eastern District of New York is the federal district court whose jurisdiction comprises the entirety of Long Island (including the portion in New York City) and Staten , Case No. 97 CV 1689 (Hurley, J.) by plaintiff William V William V may refer to:
The complaint names as defendants the retail brokerage firm of Sterling Foster and Co. Inc. ("Sterling Foster"), as well as Sterling Foster's alleged controlling shareholder, Adam R. Lieberman ("Lieberman"). The complaint charges defendants with violation of Section 10(b) of the Exchange Act and Lieberman with violation of Section 20(a) of the Exchange Act in connection with, among other things, their underwriting of an initial public offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ") and their manipulation of the price of Advanced Voice stock. Specifically, the complaint charges that defendants, prior to the IPO, secured contracts between themselves and certain Advanced Voice shareholders to purchase all or large portions of those shareholders' Advanced Voice stockholdings at prices well below the IPO's asking price, took "short" selling positions in Advanced Voice, and then "covered" their short positions with the shares of stock they had previously agreed to purchase. As a result of their issuance of materially false and misleading statements in connection with the sale of Advanced Voice stock, and as a result of their manipulation of the trading price Trading price The price at which a security is currently selling. of Advanced Voice stock, plaintiff and other members of the Class purchased their Advanced Voice shares at artificially inflated prices. Plaintiff seeks to recover damages and other relief on behalf of all members of the Class. Plaintiff is represented by Goodkind Labaton Rudoff & Sucharow LLP LLP - Lower Layer Protocol , Hanzman Criden Korge Hertzberg & Chaykin and Wolf Haldenstein Alder alder (ôl`dər), name for deciduous trees and shrubs of the genus Alnus of the family Betulaceae (birch family), widely distributed, especially in mountainous and moist areas of the north temperate zone and in the Andes. Freeman & Herz LLP, firms with extensive experience prosecuting class actions on behalf of shareholders. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact: Jonathan M. Plasse, James M. Strauss of Goodkind Labaton Rudoff & Sucharow LLP, 100 Park Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y. 10017-5563, 212/907-0700. Any member of the proposed Class may move the court to serve as lead plaintiff no later than June 10, 1997. CONTACT: Goodkind Labaton Rudoff & Sucharow LLP Jonathan M. Plasse, Esq., 212/907-0700 |
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