Kaufman Malchman Kirby & Squire, LLP Announces Class Action Commenced by Kaufman Malchman Kirby & Squire, LLP Against SmarTalk Teleservices, Inc. and Others.NEW YORK--(BUSINESS WIRE)--Aug. 18, 1998-- The following is a news release from Kaufman Malchman Kirby & Squire, LLP LLP - Lower Layer Protocol : Kaufman Malchman Kirby & Squire, LLP announces that YOU ARE HEREBY NOTIFIED that, on August 14, 1998, 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 United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California on behalf of all purchasers of SmarTalk Teleservices Inc. ("SmarTalk") (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 :SMTK) securities between July 31, 1997 and August 10, 1998, inclusive (the "Class Period"). The Complaint asserts claims under the federal securities laws, including claims for violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. The lawsuit alleges that SmarTalk and certain of its officers and directors inflated the market price of SmarTalk stock by making misrepresentations and omissions of material facts concerning SmarTalk's publicly reported earnings and revenues, growth prospects and financial condition. On August 10, 1998, SmarTalk announced that its outside accountants had informed management about "potentially significant issues with the company's accounting treatment for acquisitions that occurred during 1997 and certain other items relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 1997." On this announcement, the company's stock, which had traded at artificially inflated prices, plummeted more than 50% in a single day, from $16-5/8 per share to close at only $7-5/32. Plaintiff seeks to recover damages individually and on behalf of all other purchasers of SmarTalk securities during the Class Period, excluding the defendants and their affiliates, and is represented by several law firms including Kaufman Malchman Kirby & Squire, LLP. Kaufman Malchman has specialized 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. including securities and consumer class actions for more than half a century. It has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. Kaufman Malchman's achievements and quality of service have been chronicled in published decisions, and the firm's efforts have been responsible for significant recoveries, or injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. , for its clients and class members. If you are a member of the Class described above, you may, not later than 60 days from August 11, 1998, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact: Jeffrey H. Squire, Esq. Ira M. Press, Esq. Ms. Danielle Feman KAUFMAN MALCHMAN KIRBY & SQUIRE, LLP 919 Third Avenue, 11th Floor 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 , New York 10022 (212) 371-6600 or Toll Free (888) 529-4787 dfeman@kmkslaw.com (E-mail address) www.kmkslaw.com (web page)
CONTACT: KAUFMAN MALCHMAN KIRBY & SQUIRE, LLP
Jeffrey H. Squire, Esq.
Ira M. Press, Esq.
Ms. Danielle Feman
919 Third Avenue, 11th Floor
New York, New York 10022
(212) 371-6600 or Toll Free (888) 529-4787
dfeman@kmkslaw.com (E-mail address)
www.kmkslaw.com (web page)
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion