Re: 5/24/00 - [INVT] InvestAmerica Inc., Optica Communications Group Inc., Announces Defamation Action
InvestAmerica Inc., Optica Communications Group Inc., Announces Defamation Action
PARK CITY, Utah--(BUSINESS WIRE)--May 24, 2000--InvestAmerica Inc., (Optica Communications Group Inc.) (OTCBB: INVT), (FSE:IVK) (the "Company") announced today that it has commenced a legal action on Tuesday, May 23, 2000 in Federal District Court, District of Massachusetts against fourteen (14) "John Doe" defendants.
The defendants, whose true identities are unknown to the company, are alleged to have posted false and defamatory messages on an Internet site located at www.ragingbull.com. The site is maintained by Raging Bull Inc., a company headquartered in Andover, Mass.
The complaint filed by the Company asserts causes of action alleging violations of the Racketeering Influenced and Corrupt Organization ("RICO") Act (18 U.S.C. 1961 et seg.), the Massachusetts Consumer and Business Protection Act (M.C.G.l. 93A 11) and common law defamation.
The Company has alleged that the defendants have conspired to post statements on Raging Bull's "chatroom" dedicated to InvestAmerica Inc., which malign the value of the Company's capital stock and accuse the Company's management of malfeasance.
The Company believes that some or all of the named defendants have posted these false statements in an attempt to manipulate the price of the Company's stock and cover "short" positions taken by the defendants. The Company further believes that some of the named "John Doe" defendants are not separate individuals, but instead aliases of the same person.
The Company has filed this lawsuit to determine the identity of the individuals posting the false and defamatory messages. Brian Kitts has stated that the Company intends to prosecute this lawsuit only against those people who have acted in concert to malign InvestAmerica Inc.
Once the Company has identified the individuals responsible for the false messages, it will act accordingly. Mr. Kitts also stated, "While InvestAmerica Inc. recognizes people's right to post their opinions -positive or negative - about the Company, it will not tolerate people spreading falsehoods for such individuals' financial gain."
InvestAmerica Inc., through its wholly owned subsidiary Optica Communications Group Inc., is an international communications company that is developing a Global Fiber Optic Network to deliver advanced IP and ATM multimedia network solutions.
InvestAmerica Inc. will continue to actively seek global corporate acquisitions to further strengthen its existing corporate base.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E,of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995.
The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve certain risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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Contact:
InvestAmerica Inc.
Brian Kitts, 435/615-8801
opticacommunication.com
stockresearchcenter.com
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