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Microcap & Penny Stocks : UPGD 'Smart Card' potential $2.4 Billion World Wide -- Ignore unavailable to you. Want to Upgrade?

To: Intrepid1 who wrote (160)	2/25/2000 12:29:00 AM
From: realmoney	Read Replies (1) \| Respond to of 203

BAD NEWS FOR UPGRADE!!!! CLASS ACTION SUIT FILED!!! THE TECHNOLOGY DOESN'T WORK AND THEY KNEW IT ALL ALONG!!!! Milberg Weiss Files Class Action Suit Against Upgrade International Inc. and Daniel Bland Alleging Misrepresentations Business Editors/Financial Analysts SAN DIEGO--(BUSINESS WIRE)--Feb. 24, 2000--Milberg Weiss (http://www.milberg.com/upgrade/) today announced that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Upgrade International Inc. ("Upgrade") (Nasdaq:UPGD) common stock during the period between Nov. 29, 1999 and Feb. 24, 2000 (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com. You can join this class action online at milberg.com. The complaint charges Upgrade, Daniel Bland and certain of its officers and directors with violations of the federal securities laws by making misrepresentations about Upgrade's business. Specifically, the complaint alleges that the positive statements concerning Upgrade's licensure of the Keepered Media technology from Ampex, the abilities of Upgrade's UltraCard, Upgrade's listing status with NASDAQ, and Upgrade's reporting status with the SEC were materially false and misleading because, at the time Upgrade issued them, and that defendants knew, or were reckless in not knowing, the following adverse information: a. That the Keepered Media technology had never been proven to work on a credit card type format; b. That Ampex, the owner of Keepered Media technology, had discontinued its use as it was too costly for commercial manufacturing and did not believe the technology had any material value; c. That the value of Keepered Media technology was so insignificant, its value was not even recorded as an asset on Ampex's financial statements; d. That Upgrade had not applied for NASDAQ National Market System listing; e. That the UltraCard had not been proven to store 20,000 times the storage capacity of magnetic strip cards; f. That Keepered Media technology had only been proven to work on hard drive disks and was financially unfeasible to produce; g. That despite its license of Keepered Media technology, Upgrade would not have a product to sell, lease or license until the year 2001; and h. That there was no reasonable basis for claiming that Upgrade would be an SEC reporting company by February 24, 2000, as its auditors had not even completed Upgrade's audit. By issuing these allegedly false and misleading statements, defendants artificially inflated Upgrade's stock price from $10-1/2 on 11/29/99 to a Class Period high of $82-1/2 in January 2000, resulting in market capitalization of well over $1 billion, before the true facts about Upgrade's troubled operations and false statements concerning Upgrade's product development efforts were revealed. Plaintiff seeks to recover damages on behalf of all purchasers of Upgrade common stock during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.