+calvin greenwood (5792 )
From: +Jon Taulbee
Wednesday, Apr 21 1999 6:34PM ET
Reply # of 5793
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CAI Wireless Systems, Inc.
On Nov. 22, 1996 a class action was filed in the United States District Court for
purchasers of CAI Wireless Systems, Inc.
stock between May 23, 1996 and Oct. 29, 1996. The complaint alleges that corporate
officers claimed the company would be
developing wireless cable television systems and a high-speed wireless Internet system,
but failed to disclose numerous
technical, and regulatory problems which made the company's statements concerning its
future profitability false and misleading
and which resulted in artificially inflating the price of the company's stock to the
detriment of its purchasers.
A class action was filed in the United States District Court for the Northern District of
New York on behalf of all purchasers of
CAI Wireless Systems Inc. common stock during the period May 23, 1996 through
Dec. 13, 1996. The complaint alleges that
CAI and certain officers, directors, and controlling shareholders of CAI violated the
Securities Exchange Act of 1934 by
issuing to the investing public false and misleading statements regarding, among other
things, CAI's Wireless Internet access
service and the company's business relationship with Bell Atlantic and NYNEX. These
misstatements concerned the
commercial readiness and prospects of the company's wireless access service, and the
company's ability to deliver inexpensive
digital signals to Bell Atlantic and NYNEX. The complaint alleges that as a result of
these misrepresentations and omissions
CAI's common stock price was artificially inflated. |
