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Strategies & Market Trends : KTEL-NEWS ONLY!!!
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To: Van Vo who wrote ()12/3/1998 1:51:00 AM
From: Van Vo   of 40
 
Online music retailer K-tel sued by investors

Thursday November 19, 10:46 pm Eastern Time

LOS ANGELES, Nov. 19 (Reuters) - K-tel International, whose stock has moved
like a yo-yo in recent months as it regaled investors with plans to sell music on the
Internet, became the target of an investor class action lawsuit on Thursday.

The move came just two days after K-tel said it failed to meet Nasdaq listing requirements causing its stock
price to plummet from recent highs.

San Diego law firm Milberg Weiss, which specializes in shareholder class action suit, said Thursday it has
commenced a class action on behalf of purchasers of K-tel stock between October 27 and November 17.

The suit alleges that K-tel share's surged in November, from less than $7 a share to more than $39 a share, as
it made announcements touting plans to sell music over the Internet while also concealing information about its
potential Nasdaq delisting.

A spokewoman for K-tel said the company had no comment on the lawsuit which it has not seen yet.

K-tel was notified by Nasdaq that it failed to meet minimum tangible net asset requirement for continued
listing on the Nasdaq National Market in a letter it received in October.

K-tel said Tuesday is was seeking a temporary extension of its listing status so that it can have time to raise
additional capital to meet the requirements. If delisted, K-tel could apply for listing on the Nasdaq Smallcap
Market.

biz.yahoo.com
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