To: Sheri who wrote (773 ) 7/7/1998 4:35:00 PM From: John Johnston Read Replies (1) | Respond to of 1177
Company Press Release Attention: Shareholders Of Premiere Technologies NEW YORK--(BUSINESS WIRE)--July 7, 1998--YOU ARE HEREBY NOTIFIED that a securities class action has been commenced in the United States District Court for the Northern District of Georgia against Premiere Technologies, Inc. (''Premiere'' or the ''Company'')(NASDAQ: PTEK - news) and certain of its officers on behalf of all persons who purchased or acquired shares of Premiere common stock between April 2, 1997 and June 10, 1998, inclusive (the ''Class Period''). The complaint alleges that defendants violated the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange Act of 1934) by misrepresenting or failing to disclose material information about Premiere's results of operations, financial condition and weaknesses in its financial internal controls regarding the Company's failure to successfully integrate companies acquired by it during the Class Period. The complaint alleges that defendants issues false and misleading press releases and financial statements. In particular, plaintiff alleges that defendants failed to disclose that they were unable to successfully integrate several merged companies and knew or were reckless in not knowing that the Company had neither the accounting control systems nor management structure in place to integrate the companies acquired; certain defendants, however, took advantage of their knowledge of these undisclosed adverse facts by selling their own Premiere stock at artificially inflated stock. As a result of defendants' false and misleading statements and material omissions, the price of Premiere's stock was artificially inflated during the Class Period, such that persons who purchased or otherwise acquired common stock during the Class Period were damaged by overpaying for the stock. Plaintiff seeks to recover damages on behalf of himself and all other purchasers of Premiere common stock during the Class Period, excluding the defendants and their affiliates. Plaintiff is represented by the law firm of Faruqi & Faruqi, LLP, which has extensive experience in prosecuting class actions and significant expertise in actions involving corporate fraud. If you purchased Premiere common stock during the Class Period, you may, not later than 60 days from June 25, 1998, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please CONTACT: NADEEM FARUQI LUBNA M. FARUQI FARUQI & FARUQI, LLP 415 Madison Avenue New York, NY 10017 212/986-1074 or toll-free 877/247-4292 e-mail: FaruqiLaw@aol.com -------------------------------------------------------------------------------- Contact: FARUQI & FARUQI, LLP Nadeem Faruqi or Lubna M. Faruqi 212/986-1074 --------------------------------------------------------------------------------