Securities Class Action Accuses Lernout & Hauspie Of Fraud, Says Berman DeValerio & Pease.Business Editors & Legal Writers BOSTON--(BUSINESS WIRE)--Sept. 26, 2000 Shareholders are advised that a securities class action is pending against Lernout & Hauspie Speech Products N.V. (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 : LHSP LHSP List Hosting Service Provider LHSP Left Handed Starting Pitcher ), said Berman DeValerio & Pease pease n. pl. pease or peas·en Archaic A pea. [Middle English; see pea. LLP LLP - Lower Layer Protocol , a law firm representing investors for nearly 20 years. Today's notice came as the European stock market Easdaq announced an investigation of Lernout & Hauspie's finances. The U.S. Securities and Exchange Commission (SEC) also is investigating the company. The lawsuit, which was filed in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. , seeks damages on behalf of anyone who purchased Lernout & Hauspie common stock between December 28, 1999 and August 7, 2000 (the "Class Period"). The complaint alleges that Lernout & Hauspie illegally misled mis·led v. Past tense and past participle of mislead. investors about its business and financial results by overstating and inventing sales in Korea. After the truth about the exaggerated and fictitious Based upon a fabrication or pretense. A fictitious name is an assumed name that differs from an individual's actual name. A fictitious action is a lawsuit brought not for the adjudication of an actual controversy between the parties but merely for the purpose of Korean sales was revealed, the complaint says, the price of the company's shares fell as low as $26-3/4 per share. On September 21, Lernout & Hauspie announced in a news release that the US Securities and Exchange Commission (SEC) had opened an investigation into its prior financial statements. The Easdaq probe was announced September 26. If you purchased Lernout & Hauspie Speech Products common stock during the Class Period and suffered a loss on your investment, you may wish to contact the following attorney at Berman, DeValerio & Pease to discuss your rights and interests: Julayne Lazar Kosmas Berman, DeValerio & Pease LLP One Liberty Square Boston, MA 02109 bdplaw@bermanesq.com (800) 516-9926 You can also visit us at our website at www.bermanesq.com. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than October 10, 2000. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman, DeValerio & Pease LLP to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman, DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. |
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