Printer Friendly

Milberg Weiss Files Class Action Suit Against Patriot American Hospitality Inc.

SAN DIEGO--(BUSINESS WIRE)--July 2, 1999--

Milberg Weiss ( today announced that a class action has been commenced in the United States District Court for the Northern District of Texas on behalf of shareholders of California Jockey Club and Bay Meadows Operating Company (collectively "Bay Meadows") and who subsequently became shareholders of Patriot American Hospitality, Inc. (NYSE:PAH now WYM), Patriot American Hospitality Operating Company, and Wyndham International, Inc. (collectively "Patriot"), as a result of the reverse merger of the companies on or about July 1, 1997.

The class includes all persons and entities who acquired Patriot shares, warrants, options or other rights to acquire Patriot shares, in exchange of shares, warrants, options or other rights to acquire shares of Bay Meadows, in connection with Patriot's merger with Bay Meadows.

If you are a member of the Class described above, you may, no later than 60 days from May 27, 1999, move the Court to serve as lead plaintiff of the Class, if you so choose. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at

The complaint charges Patriot and its affiliates, and PaineWebber Group, Inc. with violations of the federal securities laws. The complaint alleges that Patriot's senior executives made material misrepresentations and concealed key facts from Bay Meadows shareholders in order to induce approval of the merger. The complaint also alleges that the defendants failed to disclose, among other things, that Patriot was in dire financial condition and planned to exploit Bay Meadows' unique corporate structure with high-risk, debt-laden investments, and that the extent and effect of conflicts of interest between Patriot and its underwriter and creditor, PaineWebber Group, Inc., was also misrepresented. As a result of Patriot's false and misleading statements, its common stock was artificially inflated at the time of the takeover and Bay Meadow shareholders received less than they deserved.

The plaintiff is represented by several law firms, including Milberg Weiss Bershad Hynes & Lerach LLP, who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jul 5, 1999
Previous Article:Milberg Weiss Gives Notice To Long-Term Shareholders of McKesson Stock Of Right To Join Suit To Set Aside Merger With HBO & Company By July 12, 1999.
Next Article:Stull, Stull & Brody Announces Class Periods for Class Action Complaints.

Related Articles
Milberg Weiss Files Class Action Suit Against Patriot American Hospitality Inc.
Milberg Weiss Announces Class Action Against Patriot American Hospitality Inc.
Milberg Weiss Announces Securities Class Periods.
Suiting up: when the top securities class-action law firm becomes two firms, D&O insurers could take a double hit.
Class-action firms and new cases.
Milberg Weiss insists its practice unfazed by indictment.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters