here is good topic for the thread/class action lawsuits, do magic eightball and i have a claim, we bought 180 shares of abte two days ago for $5.50, sold yesterday for $450, can we join class action suit, if yes how much of my $180 in losses could i hope to get back?
says only till 9/1/98 why not past that date, what happened on 9/1?
is it because the stocks price tanked back to its fair value on 9/1.
not that i will do it i wont just curious how much those class action suits actually return to investors and how much really goes to all the lawyers.
heres todays news re abte
----------------------------------------------------------------------
The Law Firm of Abbey, Gardy & Squitieri, LLP Announces Pendency of Class Action Against Able Telcom Holding Corp.
PR Newswire - September 16, 1998 17:46
NEW YORK, Sept. 16 /PRNewswire/ -- The following statement was issued today by the law firm of Abbey, Gardy & Squitieri, LLP:
YOU ARE HEREBY NOTIFIED that a class action has been commenced in the United States District Court for the Southern District of Florida, West Palm Beach Division, on behalf of all purchasers of Able Telcom Holding Corp. (Nasdaq: ABTE) common stock between December 4, 1997 and September 1, 1998, inclusive (the "Class Period").
The Complaint charges Able Telcom and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants issued a series of materially false and misleading statements regarding the company's financial condition during the Class Period. The Complaint alleges that, among other things, defendants (i) failed to timely and fully disclose the poor financial condition of one of its acquisitions; (ii) misrepresented that crucial senior executives from another acquisition, MFS Network Technologies, Inc. ("NT"), would stay on to work for Able Telcom when the defendants knew that they would not stay on; (iii) failed to timely and fully disclose that they had utilized "bottomless" convertible bonds to finance the NT acquisition and that these bonds would greatly dilute existing shareholder value when the stock's price fell; and (iv) failed to timely and fully disclose that its financing of the NT acquisition violated Able's prior debt arrangements, thereby forcing Able to pay long term debt almost immediately, along with penalties. As a result of defendants' false and misleading statements, the price of Able Telcom common stock was inflated from December 4, 1997 through September 1, 1998.
Plaintiff seeks to recover damages on behalf of himself and all other purchasers of Able Telcom common stock during the Class Period, excluding the defendants and their affiliates. Plaintiff is represented by Abbey, Gardy & Squitieri, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you are a member of the class described above, you may, not later than 60 days from September 10, 1998, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
|
