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SCOTT & SCOTT, LLC Announces Class Action Against First Union Corp.; PZN, CGY and 3COM Class Periods.

COLCHESTER, Conn.--(BUSINESS WIRE)--July 3, 1999--

Scott & Scott, LLC (800/404-7770) (scottlaw@scott-scott.com) announced that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all purchasers of the common stock of First Union Corp. ("First Union" or the "Company")(NYSE:FTU) during the period from August 14, 1998 and May 24, 1999, inclusive (the "Class Period").

The Complaint alleges that First Union and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. According to the Complaint, during the Class Period, defendants issued a series of materially false and misleading public statements about First Union's operations, its operating results and integration of operations with the Money Store Inc. and CoreStates Financial Corporation. The issuance of these false and misleading statements caused the price of First Union's common stock to be artificially inflated during the Class Period. Scott & Scott (nrothstein@scott-scott.com) filed this case with the Law Office of Bruce Murphy.

Scott & Scott also has filed a class action lawsuit in the United States District Court for the District of Maryland on behalf of investors who bought Carnegie International Corp. (AMEX:CGY) ("Carnegie" or the "Company") securities between October 28, 1998 and April 30, 1999 (the "Class Period"). Scott & Scott filed this case with the firm of Hoffman & Edelson (hofedlaw@aol.com).

The lawsuit charges Carnegie and several of its top officers with violations of the securities laws and regulations of the United States. On April 30, 1999, the last day of the Class Period, trading in Carnegie was suspended by the AMEX and has not yet resumed. It was only after trading was suspended that the investing public learned that the SEC had rejected Carnegie's financial statements on March 29, 1999 and again on April 29, 1999, during the Class Period. The complaint alleges that defendants issued a series of false and misleading statements concerning the Company's revenues during the Class Period. The Company announced on May 21, 1999 that it would have to restate its 1997 and 1998 financial statements.

Scott & Scott (nrothstein@scott-scott.com) has also filed a securities fraud case against Prison Realty Trust Inc. on behalf of persons who exchanged shares of CCA Prison Realty Trust for shares of Prison Realty Trust Inc. ("New PZN") (NYSE:PZN) stock in the Merger or purchased shares of New PZN on or prior to May 17, 1999. You have until July 26, 1999 to move for lead plaintiff. Please contact Scott & Scott no later than July 23, 1999 for more information.

Scott & Scott, LLC also announces a class action on behalf of all persons who purchased the common stock of 3Com Corp. (NASDAQ:COMS) ("3Com" or the "Company") between September 22, 1998 and March 2, 1999, inclusive (the "Class Period"). If you would like more information about this case, please contact Scott & Scott no later than July 6, 1999.

Scott & Scott, LLC is a Connecticut-based law firm engaged in the representation of both public and private companies in litigation and transactional work. The firm also has a significant practice in antitrust, securities and other complex litigation, where it regularly represents individuals, companies and other entities.

Scott & Scott, LLC prides itself on its ongoing dedication to client satisfaction and client communication. The firm has a nationwide practice. It regularly works with other firms on major litigation and it co-counsels only with those firms of the highest quality and reputation so as to ensure the best representation and communication with the class.

If you acquired shares, options or bonds in the previous cases (NASDAQ:COMS, AMEX:CGY, NYSE:PZN, NYSE:FTU) and would like to discuss the matters above with an attorney, please contact:

Neil Rothstein, Esq. of Scott & Scott, LLC at 800/449-4900, or 800/404-7770, or 619/338-3887. E-mail at nrothstein@scott-scott.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 5, 1999
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