To: country bob who wrote (25623 ) 12/6/1999 6:34:00 PM From: Ave Joe Read Replies (2) | Respond to of 27722
-------------------------------------------------------------------------------- Lockridge Grindal Nauen P.L.L.P. AnnouncesClass Action Lawsuit Against Navarre Corporation December 6, 1999 05:32 PM MINNEAPOLIS--(BUSINESS WIRE)--Dec. 6, 1999--Pursuant to Section 21D (a)(3)(A)(i) of the Private Securities Litigation Reform Act of 1995, Lockridge Grindal Nauen P.L.L.P. hereby gives notice that a class action complaint has been filed in the United States District Court for the District of Minnesota on behalf of a Class of persons who purchased common stock issued by Navarre Corporation. NAVR at artificially inflated prices during the period November 25, 1998 through December 9, 1998 (the "Class Period") and who were damaged thereby. The case allegedly involves the making of false and misleading statements that the Company was spinning off a majority-owned subsidiary and taking the newly formed company public by the end of the 1998 year. The Complaint charges that throughout the Class Period, Navarre Corporation, Eric H. Paulson (Chairman of the Board of Directors and the Company's CEO), Charles E. Cheney (Company's CFO), Alfred Teo (Board of Directors), Dickinson G. Wiltz (Board of Directors), James G. Sippl (Board of Directors) and Michael L. Snow (Board of Directors) violated Sections 10(b) and 20(a) of the Securities Exchanges Act of 1934 by issuing statements during the Class Period regarding the spinning off of a majority-owned subsidiary, which were materially false and misleading. The complaint alleges that these statements caused an artificial inflation of the Company's stock price. During the Class Period, the above-named insiders sold over 20% of their stock ownership and realized over $6.3 million. When the truth emerged, the price of the Company's stock plunged, causing substantial damage to the Class. Plaintiffs are represented by the law firm of Lockridge Grindal Nauen P.L.L.P. The firm has considerable experience in prosecuting securities class actions. If you are a member of the class described above, you may, if you so choose, but not later than February 4, 2000 file a motion with the District Court to serve as lead plaintiff. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff in this action, you may call or write: Gregg M. Fishbein Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South Suite 2200 Minneapolis, Minnesota 55401 (612) 339-6900 gmfishbein@locklaw.com CONTACT: Lockridge Grindal Nauen P.L.L.P., Minneapolis Gregg M. Fishbein (612) 339-6900 gmfishbein@locklaw.com TICKERS: Nasdaq:NAVR