Are you saying that Planet Hollywood is another nomination for the Axxel "Stocks of SHAME?"..It really can't be unless I was astute enuf to have seen it...I never had any interest in Planet Hollywood one way or another...so by definition, I was not astute on this stock. but it could qualify on someone else's list perhaps.
I thought this was an interesting news article...
ATTENTION K-TEL INTERNATIONAL SHAREHOLDERS
Business Editors, Legal Writers
ATLANTA--(BUSINESS WIRE)--Dec. 21, 1998--Notice is hereby given that Chitwood & Harley filed a
securities class action lawsuit on December 1, 1998 in the United States District Court for the District of
Minnesota on behalf of all purchasers of the common stock of K-TEL International, Inc. ("K-TEL" or the
"Company") between November 3, 1998 and November 17, 1998, inclusive (the "Class Period").
The complaint alleges that K-TEL and certain of its officers and directors violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 during the relevant time period. The complaint alleges that defendants
issued a series of materially false and misleading statements about K-TEL with regard to the Company's
satisfaction of the financial requirements of maintaining its NASDAQ National Market listing. The complaint
alleges that because of the issuance of these false and misleading statements, the price of K-TEL common
stock was artificially inflated during the Class Period. Further, the complaint alleges that via this course of
unlawful conduct defendants sought to avoid the specter of delisting and, inter alia, its adverse effect on the
liquidity of the individual defendants' considerable holdings of K-TEL stock. Then, at the close of the Class
Period, after defendants finally revealed the truth about K-TEL's business to the market, the price of K-TEL
common stock plummeted to a mere $12 per share from a Class Period high of more than $39 per share, the
complaint alleges.
Plaintiff is represented by Chitwood & Harley, an Atlanta law firm that concentrates its practice in
representing victims of securities fraud and corporate mismanagement as well as other complex litigation.
The firm has been appointed lead counsel in several major actions pending in both federal and state courts
and has been instrumental in recovering millions of dollars on behalf of investors and shareholders.
Any member of the proposed class who wishes to move the Court to serve as lead plaintiff of the Class must
do so no later than January 18, 1999. In order to serve as lead plaintiff, you must meet certain legal
requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to
this matter, you may contact: Corey D. Holzer, by telephone (888) 873-3999 (toll free) or by e-mail at
mail@classlaw.com, CHITWOOD & HARLEY, 2900 Promenade II, 1230 Peachtree Street, N.E., Atlanta,
Georgia 30309. Please visit our website at www.classlaw.com.
THE PLACE HAS A WEB SITE/ "CLASS LAW" WHAT NEXT? |
