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JOSEPH CHARLES & ASSOCIATES PRESS RELEASE
Joseph Charles & Associates has filed a lawsuit in the Palm Beach county circuit court against Global DataTel, Inc. (GDIS), its transfer agent, Signature Transfer, Inc, the president of the corporation, Richard Baker and a Bahamian corporation, SevenOaks Holdings, Limited. The complaint alleges that in late March, 1999, SevenOaks opened an account at Joseph Charles with 396,475 shares
of GDIS. Joseph Charles had not previously traded in any shares of GDIS. The complaint states that Joseph Charles forwarded the shares to its clearing firm for confirmation of validation and transferability, which confirmation was received.
Furthermore, one month following the original confirmation, on May 6, 1999, Signature Transfer informed Joseph Charles' clearing firm that the certificates representing the 396,475 shares of GDIS are invalid and had been fraudulently or improperly issued. Since that time Joseph Charles has been diligently attempting to rectify the situation and seek remedial relief. However, to date GDIS has
refused to provide Joseph Charles with valid certificates, has refused to provide an explanation as to the course of conduct and has otherwise been uncooperative and unsupportive. Joseph Charles may suffer substantial injury as a result of the invalidation of the stock certificates.
These events have caused Joseph Charles to begin to conduct an investigation on GDIS, including its financial, sales and revenue claims. Joseph Charles is extremely concerned about the integrity of the market place and the protection of its investors. As of this date, Joseph Charles has been unable to verify any of the financial, sales or revenue claims, although it is continuing all efforts to do so. Joseph Charles has requested the assistance from and has contacted
all industry regulatory agencies and other authorities regarding this matter
For more information concerning GDIS please contact Joseph Charles Legal @ 1-800-284-9995 ext124
josephcharles.com
For more information about Joseph Charles & Assoc., Inc., please visit josephcharles.com
Joseph Charles & Assoc., Inc., is a full service investment banking and securities brokerage.
Members N.A.S.D. and S.I.P.C. |
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