FINE & HATFIELD, A PROFESSIONAL CORPORATION Announces SEC Lawsuit Against Eagle Building Technologies, Inc. -- EGBT.OB
EVANSVILLE, Ind.--(BUSINESS WIRE)--March 14, 2002--Notice is hereby given that on March 5, 2002, the Securities and Exchange Commission filed a lawsuit in the United States District Court for the District of Columbia, against Eagle Building Technologies, Inc. and Anthony D'Amato (Nasdaq: EGBT.OB -- news) alleging a massive financial fraud.
The SEC charges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements to the market. According to the SEC, Eagle Building Technologies, Inc.
("Eagle") and D'Amato engaged in a massive financial fraud by falsely recognizing millions of dollars of non-existent revenue. This revenue was reported in Eagle's 2000 10-K and its Forms 10-Q for the first three quarters of 2001.
On February 14, 2002, Eagle informed the SEC that it would have to restate its financial statements for at least the past two years. In a March 5, 2002 SEC filing, Eagle admitted it fabricated earnings and that certain press releases issued by Eagle concerning post-September 11, 2001 security measures marketed by Eagle, including an airport security system, mail sterilization technology and money laundering detection software, may have been false and misleading.
If you purchased the Eagle Building Technologies, Inc. common stock between March 26, 2001 and March 1, 2002 you have certain rights. The SEC lawsuit seeks injunctive relief and civil penalties but does not seek to obtain a recovery for defrauded shareholders.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please feel free to contact the following attorneys:
*T Danny E. Glass, mailto:deg@fine-hatfield.com B. Scott Daugherty, mailto:bsd@fine-hatfield.com
FINE & HATFIELD, A PROFESSIONAL CORPORATION 520 N.W. Second Street, Evansville, Indiana 47705
(812) 425-3592.
FINE & HATFIELD, A PROFESSIONAL CORPORATION, is an Indiana-based
law firm committed to client satisfaction and communication. The
firm's attorneys litigate in both state and federal courts.
CONTACT:
FINE & HATFIELD, A PROFESSIONAL CORPORATION
Danny E. Glass or B. Scott Daugherty, 812/425-3592
KEYWORD: INDIANA FLORIDA DISTRICT OF COLUMBIA
BW2468 MAR 14,2002
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