Stull, Stull & Brody Announces Class Action Against Globalstar Telecommunications Ltd.Business Editors, Legal Writers NEW YORK--(BUSINESS WIRE)--March 21, 2001 The following is an announcement by the law firm of Stull, Stull & Brody: Notice is hereby given that 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 on March 21, 2001, 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 Southern District of 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 , on behalf all persons who purchased the common stock of Globalstar Telecommunications Ltd. ("Globalstar" 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 :GSTRF GSTRF Globalstar Telecommunications Ltd ) between December 6, 1999 to October 27, 2000 (the "Class Period"). The defendants include: Globalstar Telecommunications Limited; Bernard Schwartz; and Loral Space & Communications Ltd. The complaint alleges that the defendants made material misrepresentations and omissions of material facts concerning the company's business performance during the relevant time. 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, throughout the relevant time period, defendants repeatedly assured investors that the company's operations were performing well, that the company was enjoying strong growth and that the company's shares were undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , among other things. At the same time, however, the complaint alleges that the defendants knew or recklessly disregarded that Globalstar was falling dramatically below the company's publicly stated business plan and that severe shortfalls in the sales of phones necessarily imperiled the company's business plan at all relevant times. If you bought the securities of Globalstar between December 6, 1999 and October 27, 2000, you may, no later than sixty days from February 28, 2001, request the Court appoint you as lead plaintiff. 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 Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. |
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