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Technology Stocks : Winstar Comm. (WCII) -- Ignore unavailable to you. Want to Upgrade?

To: MangoBoy who wrote (11831)	2/19/2000 1:41:00 AM
From: DubM	Read Replies (1) \| Respond to of 12468

WinStar Sues to Stop Ex-Employee's Hiring as OnSite Access CEO New York, Feb. 18 (Bloomberg) -- WinStar Communications Inc. has filed a lawsuit aimed at stopping a former executive from working as rival OnSite Access Inc.'s chief executive. OnSite last June hired Howard Taylor, formerly head of WinStar's broadband services unit, as chairman and CEO. In the suit filed Wednesday in New York State Supreme Court in Manhattan, WinStar claims Taylor signed an agreement last year that prevents him from working for a competitor through June 2000. Both companies are based in New York and provide communications services to businesses. OnSite, which reported revenue of $3.7 million and a net loss of $32.5 million in 1999, filed plans in December to raise as much as $200 million in an initial public offering. ``Our attorneys have reviewed the suit and feel it is without merit and will defend it vigorously,' an OnSite spokeswoman said. WinStar went public in 1991. In 1999, the company had revenue of $446 million and a net loss of nearly $700 million. The suit seeks an order enjoining Taylor from working for OnSite or any other WinStar competitor through June 30. It also seeks to block OnSite from using any information it may have obtained about WinStar's customers or trade secrets, as well as compensatory and punitive damages and the return of stock options granted to Taylor. WinStar shares fell 4 1/2 to 73 13/16 on the Nasdaq Composite Index. Feb/18/2000 17:27 For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.