Globalstar Sued for Securities Fraud According to Shalov Stone & Bonner
NEW YORK, March 2 /PRNewswire/ -- Shalov Stone & Bonner issued the following announcement today: On February 28, 2001, a class action was commenced on behalf of all persons who purchased the common stock of Globalstar Telecommunications Ltd. (Nasdaq: GSTRF) in the period from December 6, 1999 to October 27, 2000. The complaint names Globalstar, Bernard Schwartz and Loral Space & Communications Ltd. as defendants.
The complaint alleges that the defendants made material misrepresentations and omissions of material facts concerning the company's business performance during the relevant time. According to the complaint, throughout the relevant time period, defendants repeatedly assured investors that the company's operations were performing well, that the company was enjoying strong growth and that the company's shares were undervalued, among other things. At the same time, however, the complaint alleges that the defendants knew or recklessly disregarded that Globalstar was falling dramatically below the company's publicly stated business plan and that severe shortfalls in the sales of phones necessarily imperiled the company's business plan at all relevant times. The lawsuit was filed today in the United States District Court for the Southern District of New York (Case No. 01 Civ. 1748). Plaintiffs are represented by the law firm of Shalov Stone & Bonner, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about Shalov Stone & Bonner, please visit the firm's website at: lawssb.com.
If you would like to participate in this action or would like additional information about the lawsuit, please contact: Shalov Stone & Bonner (Mark J. Nemetz, Legal Assistant), 276 Fifth Avenue, Suite 704, New York, New York 10001, telephone: 212-686-8004 (Ext. 15), email: mark@lawssb.com.
If you are a member of the class described above, you may, not later than sixty 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, as set forth in the Private Securities Litigation Reform Act of 1995.
SOURCE Shalov Stone & Bonner
CO: Shalov Stone & Bonner; Globalstar Telecommunications Ltd.
ST: New York, Massachusetts
IN: FIN
SU: LAW
03/02/2001 13:44 EST prnewswire.com |
