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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1116)	4/22/2001 9:31:51 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW's Li sued over graduate claim: report 2001-04-22 Terms and Conditions Richard Li, the chairman of Hong Kong telecoms company Pacific Century CyberWorks (PCCW), is said to have been slapped with a lawsuit over claims to be a Stanford University graduate. According to Hong Kong's South China Morning Post, the class action lawsuit filed in New York contends that the tycoon misled investors in the Nasdaq-listed Indian portal Rediff.com, of which he is a non-executive director. The suit alleges that Mr Li and his fellow executives at Rediff.com flouted US securities laws by misleading investors about his academic credentials before an initial public offering (IPO) of shares in the company last June. PCCW holds a five percent stake in the dotcom, whose stock has plummeted 77 percent since its listing. The issue of Mr Li's false claims to have graduated from Stanford first arose in March when reports emerged that he had dropped out nine months before finishing his computer engineering studies to take a job with an investment bank in Toronto. Mr Li subsequently admitted he had "done wrong" by not correcting PCCW publicity material which claimed that he had graduated from the prestigious Californian university. The case is scheduled to be heard in the New York District Court, but no indication was given of timing. The Hong Kong telecoms giant is under its own threat of legal action from disgruntled local investors as a result of its share price taking a 90 percent nosedive since February. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com

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