Los Angeles,May 6/PRNewswire?--On April 30,l997,a securities fraud class action was commenced in the U.S. District Court for the Central District of California entitled "Pamela Binder and Jeffrey Campbell v. Diana Corporation,Sattel Communications Corporation,Sattel Communications L.L.C.,Sattel Technologies Inc.,Streamlogic Corporation,Concentric Network Corporation,Richard Y. Fisher,Donald Runge and James Fiedler,"Civ.No.97-3186,on behalf of those investors who purchased common stock of Diana Corporation during the period between November 1,1995 and March 7,1997("the Class Period")
The complaint charges Diana Corporation (OTC Bulletin Board:DNAK),a number of affiliated entities,and a number of current or former officers and directors with conspiring to manipulate the price of Diana Corporation common stock through the device of a stream of false statements,material misrepresentations and omissions regarding (i) the state of technological advancement,capabilities,features,marketability and usefulness of Sattel Communications principal products,a "digital switching system" or "DSS",for use with voice,data,video and graphic transmissions,and a switching system for internet access based on DSS,called "Datanet";(ii) Sattel Communications' ability to succesfully develop,produce and deliver the products as described to end users;and (iii) Sattell Communications' sales,the credit worthiness of its customers,certain financial transactions connected to its sales and customers,and the financial resources of Sattel Communications and its joint venture opartner. Diana was de-listed from the New York Stock Exchange effective March 7,1997. During the class period, the price of Diana stock rose from approximately $5 per share,to an intra-day high of $120 ,and then fell below its original price level. The complaint further alleges that,during the class period,individual defendents sold an aggregate of approximately 1.15 million shares of Diana common stock while in possession of material nonpublic information concerning the true facts at prices up to $46 per share,for gross proceeds of approximately $16.6 million.Plaintiffs seek to recover damages on behalf of all investors who purchased Diana stock during the Class Period.
Plaintiffs are represented by the law firm of Finkelstein,Thompson & Loughran,Goodkin Labaton Rudoff & Sucharow LLP,and Krause & Kalfayan. These firms have broad experience in representing defrauded investors in class actions and have over 30 years od securities litigation experience in federal and state courts throughout the United States.
If you are a member of the class described above,and if you meet certain other legal requirements,you may,not later than 60 days from today,move the court to serve as a lead plaintiff. If you wish to discuss this action or have any questions concerning this notice or your rights or interests,please contact Burton H. Finkelstein orDonaldJ. Enright with Finkelstein,Thompson & Loughran,at 202-337-8000; Jonathan Plasse with Goodkin Labaton Rudoff & Sucharao LLP at 212-907-0700; or James Krause with Krause & Kalfayan,at 619-232-0331. |
