Company Press Release
Wolf Haldenstein Files Class Action Against USA Talks.com, and its Officers and Directors Inc., Alleging Fraud and Misrepresentation
The following is an announcement by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP:
NEW YORK--(BUSINESS WIRE)--Feb. 10, 1999-- Wolf Haldenstein Adler Freeman & Herz LLP announces that it is filing a class action lawsuit in the United States District Court for the Southern District of California on behalf of all persons who purchased common stock issued by USA Talks.com., Inc. (NYSE:USAT - news; USAT or the ''Company'') during the period November 24, 1998, through January 29, 1999, (the ''Class Period'').
The complaint charges that USAT and certain of its officers and directors violated the Securities Exchange Act of 1934. The Complaint alleges that Defendants caused the Company's stock price to rise from approximately $5.75 per share to a Class Period high of approximately $52.25 per share by misrepresenting USA Talks' publicly reported network installation and technology. On January 29, 1999, the SEC halted trading in the Company's common stock ''citing questions about the accuracy of information released to the public by the company.'' Trading in the Company stock still remains halted.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com). Wolf Haldenstein is a full service commercial practice consisting of approximately 40 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. Additionally, the firm has achieved recoveries of over one billion dollars for defrauded investors and shareholders in litigations throughout the country.
If you are a purchaser of USAT stock during the period November 24, 1998, through January 29, 1998, you may, not later than sixty days from January 29, 1999, move the court to serve as lead plaintiff of the class, if you so choose. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Michael Miske or Gregory Nespole, Esq.) via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to USA Talk
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP, New York
Gregory Nespole, Esq. or Michael Miske
800/575-0735
(www.whafh.com; classmember@whafh.com; whafh@aol.com)
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