Law Firm Wolf Haldenstein Adler Freeman & Herz LLP Announces Class Action Lawsuit Against TEAM Communications Group.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--March 16, 2001 The following is an announcement by the law firm Wolf Haldenstein Adler Freeman & Herz LLP LLP - Lower Layer Protocol : Wolf Haldenstein Commences Securities Fraud Class Action Suit Against TEAM Communications Group Wolf Haldenstein Adler Freeman & Herz LLP commenced 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 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 TEAM Communications Group, Inc. ("TEAM" or the "Company") (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 : TMTV-news) securities during the period between May 18, 2000 and February 12, 2001 (the "Class Period"), against defendants TEAM, Drew S. Levin (Chief Executive Officer and Chairman of the Board), and Timothy A. Hill (Chief Financial Officer, until his resignation in October 2000). If you would like to view a copy of the complaint filed in this action, please visit the Wolf Haldenstein web site located at www.whafh.com. The complaint alleges that defendants violated sections 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. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the complaint, TEAM is the owner and distributor of over 4,000 hours of programming worldwide. In addition, TEAM produces a wide variety of programming for leading U.S. and international broadcasters. Specifically, the complaint alleges that during the Class Period, TEAM reported favorable financial results which were actually false thereby causing TEAM's stock to trade at artificially inflated levels of as high as $12 per share. Suddenly, on February 13, 2001, prior to the market opening, TEAM shocked the investment community with a press release which revealed that the Company expected to record a Q4 00 charge equivalent to greater than five times all the income the Company reported during the Class Period. TEAM also acknowledged that certain of its acquisition and distribution activities may have "lacked economic substance." On this news, TEAM's shares dropped to as low as $1.375, or more than 88% lower than its Class Period high of $12. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired TEAM securities during the Class Period. If you purchased or otherwise acquired TEAM securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 8, 2001. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative 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. in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New Jersey, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, 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 10016, by telephone at (800) 575-0735 (Michael Miske, George Peters, Gregory M. Nespole, Esq., or Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or visit our website at http://www.whafh.com. All e-mail correspondence should make reference to TEAM. |
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