Finally, some news from CAI
Monday November 25 12:45 PM EDT
CAI Wireless Systems, Inc. responds to class action lawsuit
ALBANY, N.Y.--(BUSINESS WIRE)--Nov. 25, 1996--CAI Wireless Systems, Inc. ("CAI") (NASDAQ NM: CAWS)
today announced that it believes that the class action lawsuit filed in the United States District Court for the Northern District of
New York on November 22, 1996 is totally baseless and without merit. The lawsuit was announced after the close of business
on Friday, November 22, 1996. CAI has not yet been served with the complaint, but does not believe that the allegations
summarized in the November 22nd press release can be sustained or will result in any liability to CAI whatsoever.
"CAI has always taken a very conservative approach to its disclosure obligations, and we are confident that the facts will bear
this out," said Jared E. Abbruzzese, Chairman and Chief Executive Officer of CAI. "As CAI has repeatedly expressed in its
Securities and Exchange Commission filings and otherwise, this is an emerging technology, subject to various regulatory and
other constraints, all of which CAI has worked within since its inception. It is unfortunate that corporate resources must be
wasted defending lawsuits such as these, instead of being put to more productive uses."
CAI expects that it will be served with the lawsuit today, and intends to vigorously defend the action.
CONTACT: Investor Relations Contact:
Jason Thompson
Lippert/Heilshorn & Associates, Inc.
Tel: 212/838-3777
or
James P. Ashman
CFO, CAI Wireless Systems, Inc.
Tel: 518/462-2632 |
