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Technology Stocks : Premiere Technologies (PTEK) -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (1199)	12/20/1999 12:44:00 PM
From: Harmony	Respond to of 1270

Here's the lawsuit announcement. The wording comes from the company's press release (looks like PTEK is a winner!): December 20, 1999 Premiere Wins Significant Victory in Shareholder Class Action Litigation Court Dismisses All Claims Based on Allegations of Fraud; Scope of Litigation Narrowed Significantly ATLANTA, December 20, 1999 - Premiere Technologies, Inc. (NASDAQ: PTEK) announced today that it scored a significant victory in its defense of the pending shareholder class action suits filed in 1998. Last week the Court dismissed without prejudice all claims based on allegations of fraud, leaving a much narrower set of technical disclosure claims brought by a much smaller class of claimants. The Court did not rule on the merits of the remaining claims, leaving them for argument on motion for summary judgement. "We are pleased that the Court granted our motion to dismiss the bulk of the putative class action litigation," said Patrick G. Jones, Senior Vice President and Chief Legal Officer of Premiere. "We are particularly gratified that the Court has dismissed all claims alleging fraud by the Company and certain of its officers and directors, and all the claims of open market purchasers. We have maintained from the beginning that these actions were without merit. We plan to vigorously defend the much narrower technical disclosure claims that survive the initial motion. We are confident in the quality of our securities disclosures, and at the appropriate time we plan to ask the Court for its concurrence by granting us summary judgement."