Notice of Pendency of Class Action against CAI Wireless Systems and others
BusinessWire, Friday, November 22, 1996 at 17:36
NEW YORK--(BUSINESS WIRE)--Nov. 22, 1996--Pursuant to Section
21D(a)(3)(A)(i) of the Securities Exchange Act of 1934, notice is
hereby given that on Nov. 22, 1996, a class action lawsuit was filed
in the United States District Court for the Northern District of New
York, Civil Action No. 96-CV-1857, on behalf of a class (the "Class")
consisting of all persons who purchased or otherwise acquired the
securities of CAI Wireless Systems, Inc. ("CAI" or the "Company")
between May 23, 1996 and Oct. 29, 1996, inclusive (the "Class
Period").
The complaint charges CAI and certain officers, directors and
controlling shareholders of CAI with violations of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
During the Class Period, CAI claimed to provide wireless cable
television systems and purported to be developing an advanced,
high-speed wireless Internet access system. According to the
complaint, while defendants publicly promoted these technologies,
they failed to disclose numerous technical, regulatory and other
problems which materially impeded the ability of the company to
successfully and profitably develop and sell these products.
According to the complaint, as a result of defendants' materially
false and misleading statements, the price of CAI Wireless
securities was artificially inflated throughout the Class Period.
Plaintiffs seek to recover damages on behalf of class members
and are represented by the law firms of Milberg Weiss Bershad Hynes
& Lerach LLP ("Milberg Weiss"), Schiffrin & Craig, Ltd. and others.
Milberg Weiss maintains offices in New York City, San Diego, Los
Angeles and San Francisco, and is active in major litigations
pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in numerous important actions
on behalf of defrauded investors, and is responsible for a number of
outstanding recoveries which, in the aggregate, total approximately
$2 billion. For additional information about Milberg Weiss, see the
firm's website at milberg.com. Schiffrin & Craig, Ltd.
similarly has significant experience and expertise prosecuting class
actions.
If you are a member of the class described above, you may, not
later than 60 days from today, move the Court to serve as lead
plaintiff of the class, if you so choose. In order to serve as lead
plaintiff, however, you must meet certain legal requirements. 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 Milberg Weiss at One Pennsylvania
Plaza, 49th Floor, New York, New York 10119-0165, by telephone at
1-800-922-0187, or via Internet electronic mail at
PREZEKXJ@COUNSEL.COM.
CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP
1-800-922-0187 |
