For a fee, Access1financial will hype your companies stock->Finkelstein, Thompson & Loughran Files Securities Fraud Class Action Against En Pointe Technologies, Inc.
WASHINGTON, Feb 2 /PRNewswire/ -- Finkelstein, Thompson & Loughran has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of California on behalf of persons who purchased the common stock of En Pointe Technologies, Inc. (Nasdaq: ENPT) during the period between December 7, 1999 and April 13, 2000, inclusive.
The complaint charges that certain of the Company's insiders conspired with Hampton-Porter Investment Bankers, LLC and other stock promoters to artificially inflate the share price of En Pointe common stock, in order to reap over $50 million in proceeds from insider sales of the stock. The complaint alleges that Hampton-Porter pushed the stock on clients, and refused to accept sell orders, while simultaneously feeding the market false information concerning the Company's business operations.
The complaint further alleges that defendants misled the market concerning En Pointe's ownership of SupplyAccess, Inc. and the business prospects of SupplyAccess. In particular, Defendants concealed the fact that En Pointe was poised to proceed with a supplemental private placement offering which would reduce the Company's ownership in SupplyAccess to a minority position, and further misrepresented that SupplyAccess competed with Ariba and CommerceOne in the "B2B" market, when in fact it did not.
On April 13, 2000, En Pointe revealed that, pursuant to a private placement of preferred stock, its ownership interest in SupplyAccess had fallen below 50%, and it was no longer the majority owner of SupplyAccess. In reaction to this news, the Company's share price plummeted, falling $14.63, or 53 percent, to $12.88 on April 13, 2000.
Plaintiff seeks to recover damages on behalf of all investors who purchased En Pointe common stock during the Class Period and who suffered damages as a result, and is represented by the law firm of Finkelstein, Thompson & Loughran, of Washington, DC, among others. Finkelstein, Thompson & Loughran has over thirty years of securities litigation experience, has broad experience in representing defrauded investors in shareholder class actions, and has been appointed to lead positions in many such actions 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 April 3, 2001, 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, you may contact Donald J. Enright with Finkelstein, Thompson & Loughran, toll-free at 888-333-4409, or at 202-337-8000, or by e-mail at dje@ftllaw.com. If you wish to learn more about Finkelstein, Thompson & Loughran, please visit their Web page at ftllaw.com .
SOURCE Finkelstein, Thompson & Loughran
CO: Finkelstein, Thompson & Loughran; En Pointe Technologies, Inc.; SupplyAccess, Inc.
ST: District of Columbia, California
IN:
SU: LAW
02/02/2001 18:23 EST prnewswire.com |
