It seems other companies are following PR$T's footsteps:
September 25, 1997 5:32 pm EDT
Mike Jafari's
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Olympus Ventures Inc. Files Suit
for Defamation and Unfair
Business Practices
LA Times
25-SEP-97
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 25, 1997--Olympus
Ventures Inc. (OTC-BB:OVIS) today announced that on Sept. 24, 1997
Olympus Ventures Inc. filed suit in the United States District Court for the
Southern District of Florida for defamation, unfair business practices and
conspiracy against Dempsey Mork, John Hand and the law firm of Hand and
Hand.
Olympus alleges that false and defamatory statements were published through a
national wire service, and posted on the Internet for the improper purpose of
influencing the price of Olympus Ventures Inc. common stock.
The company further alleges that Dempsey Mork has established a short
position in Olympus stock, and is seeking to disrupt the company to cause the
stock price to decline in order to cover his short position.
The company also alleges that in furtherance of Mork's effort to disrupt the
company, he, thru an entity named Magellan Litigation Services Inc. has
purportedly filed a lawsuit against Olympus and its officers. While Olympus has
not been served with the complaint, based on the company's review of the press
release issued by Magellan, the company believes the allegations against
Olympus and its officers are entirely without merit.
Gary Morgan, CEO of Olympus states that: "The company alleges that the false
and defamatory actions were an attempt to manipulate Olympus' stock price and
damage the company's credibility and growth in the marketplace. By filing this
action we are protecting the integrity of Olympus Ventures Inc. common stock
and standing firm against any and all efforts to manipulate the marketplace."
Olympus has retained, Thomas L. Abrams, of Shapiro & Abrams in Ft.
Lauderdale and Karen Y. Bitar, securities litigator with the international law firm
of Paul, Hastings, Janofsky & Walker LLP in connection with the action.
Abrams states that this action is similar to an action which has recently been filed
in the United States District Court in New Hampshire by Presstek, Inc. (PRST),
trading on the Nasdaq securities exchange.
Olympus Ventures Inc. is currently engaged in the garment industry. Olympus is
focusing its direction on manufacturing, distribution and retailing physical fitness
products in the marketplace, which the company believes is one of the fastest
growing commercial markets today. |
