Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Log On America, Inc. on Behalf of Investors
LITTLE ROCK, Ark., Jan. 3 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the District of Rhode Island on behalf of purchasers of Log On America, Inc. (OTC Bulletin Board: LOAX) ("Log On America" or the "Company") common stock during the period between April 22, 1999 and November 20, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at classlawyer.com .
The complaint charges Log On America and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition. Specifically, throughout the Class Period, defendants repeatedly issued statements indicating that, among other things, the Company was on track to achieve the goals of its business plan and that it was successfully growing its service offerings and customer base through its numerous acquisitions. The complaint alleges that these statements were materially false and misleading because among other things, they failed to disclose or misrepresented (a) that the revenues the Company was generating from its customer base, which was predominantly consumer- focused, were not sufficient to offset the extensive capital costs that the Company was incurring in order to build out its network and provision its products; (b) that the Company's "growth-by-acquisition" strategy was not meeting with success as the Company had acquired a collection of disparate businesses which it was unable to effectively integrate into its existing businesses; (c) that the Company was experiencing weakening demand for its products and services and (d) that as a result of the foregoing adverse factors, the Company would not be profitable in the near-term, if at all, and would have to completely restructure its operations and slash costs.
If you bought Log On America common stock between April 22, 1999 and November 20, 2000 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 18, 2002. If you are a member of this class, you can join this class action online at classlawyer.com . Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com .
CAULEY GELLER BOWMAN & COATES, LLP
Investor Relations Department:
Jackie Addison, Sue Null or Shelly Nicholson
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE Cauley Geller Bowman & Coates, LLP
CO: Cauley Geller Bowman & Coates, LLP; Log On America, Inc.
ST: Arkansas, Rhode Island
IN: CPR
SU: LAW
01/03/2002 15:18 EST prnewswire.com |
