Christ vs. Bernard L. Schwartz in Court!
On October 14, 2003, Wolf Haldenstein announced that it was filing a complaint against Bernard Schwartz arising out of additional allegations which provided a basis to expand the class period from May 14, 2003, to July 15, 2003. This complaint, captioned Christ, et al. v. Bernard Schwartz, et al., 03 CV 8262, was filed on October 17, 2003, in the United States District Court for the Southern District of New York. The Christ complaint alleged, among other things, that on May 14, 2003, Loral announced its financial results for the first quarter of fiscal year 2003 and held a conference call to discuss the current financial condition and future prospects of the Company. During the conference call, defendant Schwartz made numerous comments regarding the current and future viability of the Company as an ongoing entity and reassured stockholders that the Company would continue to operate for the benefit of stockholders. This was followed by the series of positive announcements beginning June 30, 2003, detailed above. The Complaint alleges that the Company failed to disclose that Loral knew that its future as an ongoing entity did not include ownership by current common stockholders and that the Company intended to act in a manner that would eliminate the stockholders stake in the Company. |
