(OFF TOPIC... SORT OF) this is what happens when you issue a BS PR..
NEW YORK (Dec. 10) BUSINESS WIRE -Dec. 10, 1998--Wechsler Harwood filed a class action lawsuit on November 24, 1998, filed in the United States District Court, Central District of California on behalf of all purchasers of AvTel Communications, Inc. (NASDAQ: AVCO) common stock on November 12, 1998 (the "Class Period"), and who suffered damages thereby. If you wish to discuss this action please contact Scott A. Kamber at Wechsler Harwood Halebian & Feffer LLP by e-mail at avtel@whhf.com, by facsimile at (212) 753-3630, or by telephone at (212)935-7400.
The complaint charges AvTel and its Chairman and CEO with violations of the Federal Securities Exchange Act of 1934, and in particular the anti-fraud provisions of Section 10(b). The Complaint alleges that defendants issued a press release on November 12, 1998 and made false statements to certain news organizations regarding AvTel's offering of "high-speed" Internet access over Asymmetric Digital Subscriber Line ("ADSL") on a nation-wide basis. With the release of these allegedly false statements the Company's stock soared from $2.375 per share to over $36 per share on 180 times normal volume before trading in the Company's stock was halted by NASDAQ. On November 13, 1998 the Company admitted that it had no plans to launch the DSLink Service nationally and that it does not sell ADSL modems at all. On November 16, 1998 NASDAQ resumed trading in the Company's stock with the stock trading as low as $3.00 per share, down over $30 per share since November 12, 1998.
The plaintiff seeks to recover damages on behalf of all purchasers of AvTel common stock during the Class Period. Plaintiff is represented by the law firm Wechsler Harwood Halebian & Feffer LLP, who have expertise in prosecuting investor class actions and extensive experience in actions involving fraud by high technology companies such as AvTel. The reputation and expertise of this firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court by no later than sixty (60) days from November 17, 1998. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff in this action, you may contact Scott A. Kamber at Wechsler Harwood by e-mail at avtel@whhf.com, by facsimile at (212) 753-3630, or by telephone at (212)935-7400. |
