This club is getting crowded!
Harold B. Obstfeld, P.C. Announces the Filing of a Class Action
Against K-Tel International, Inc. and Certain Officers.
NEW YORK--(BUSINESS WIRE)--Dec. 18, 1998--Harold B. Obstfeld, P.C. hereby gives notice that a class action lawsuit has been filed in the United States District Court for the District of Minnesota on
behalf of purchasers of K-Tel International, Inc. (NASDAQ:KTEL) common stock between November 3,1998 and November 17, 1998 (the "Class Period") who suffered damages as a result of their purchases.
The Complaint charges K-Tel and certain of its officers with violations of federal securities laws. The Complaint alleges, among other things, that defendants made public announcements of a partnership with Playboy Online and an agreement with Microsoft for the sale of music and home video products on the Internet, while concealing the fact that the Nasdaq National Market had notified K-Tel that it was not in compliance with the minimum tangible net asset requirement for continued listing of K-Tel stock on the Nasdaq National Market.
On November 17, when K-Tel's receipt of the notice from the Nasdaq National Market was disclosed, the price of K-Tel stock dropped by more than 30%.
If you are a member of the class described above, you may, if you so choose, but not later than January 18, 1998, file a motion with the District Court to serve as lead plaintiff. If you have any questions about or wish to discuss this matter, please contact:
Harold B. Obstfeld, Esq. of Harold B. Obstfeld, P.C., 260 Madison Avenue, New York, New York 10016, (212) 696-1212 or (888) 896-0347, via fax at (212) 679-8998 or via Internet electronic mail at
hobsd@erols.com.
CONTACT: Harold B. Obstfeld, P.C., New York
Harold B. Obstfeld, Esq. 212/696-1212 or 888/896-0347
fax: 212/679-8998
Internet electronic mail: hobsd@erols.com |
