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Technology Stocks : USAT Long Distance Telecommunications -- Ignore unavailable to you. Want to Upgrade?

To: TE who wrote (172)	1/29/1999 5:59:00 PM
From: StockDung	Respond to of 397

Schoengold & Sporn, P.C. Announces Class Action Suit Against USA Talks.com, Inc. PR Newswire - January 29, 1999 14:56 NEW YORK, Jan. 29 /PRNewswire/ -- Schoengold & Sporn, P.C. announced today that a securities class action lawsuit will be filed in the United States District Court for the Southern District of California against USA Talks.com, Inc. ("USA Talk" or the "Company") (OTC Bulletin Board: USAT) and certain of its key officers and directors on behalf of all purchasers of USA Talk securities during the period 11/24/98 to 1/29/99, inclusive (the "Class Period"). The Complaint asserts claims under the federal securities laws, including claims for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The lawsuit alleges that USA Talks and certain of its key officers and directors engaged in a scheme and common plan to defraud that caused USA Talks' stock price to rise from approximately $5.75 per share to a Class Period high of approximately $52.25 per share by misrepresenting USA Talks' publicly reported network installation and technology for riding the wave shareholder interest that has been sweeping the Internet stock industry. On January 29, 1999, the SEC halted trading in USAT common stock "citing questions about the accuracy of information released to the public by the company." Plaintiffs seek to recover damages on behalf of all class members and are represented by the law firm of Schoengold & Sporn, P.C., 233 Broadway, New York, New York 10279, Tel: 212-964-0046 and 800-232-8092, Fax: 212-267-8137, E-Mail: SCHOENGOLD@AOL.COM. Schoengold & Sporn is handling this matter on a contingency fee basis which means that the firm does not get paid unless and until there is a recovery. For the past 30 years, Schoengold & Sporn has specialized in representing victims of securities fraud violations. During that time, the firm -- acting as lead or co-lead counsel or as a member of an Executive Committee -- has helped recover hundreds of millions of dollars for injured shareholders, including a $77.5 million settlement in the famous Wedtech securities litigation, which was heralded by the Wall Street Journal as one of the largest settlements of any private securities fraud case (see Wall Street Journal 2/10/92, p. B-6): "$77.5 million settlement... reached in a securities fraud case stemming from the Wedtech scandal... The settlement with 29 defendants...is believed to be one of the largest ever in a civil securities fraud case... 'This is a global settlement.' said Samuel P. Sporn, a plaintiffs attorney at the New York law firm Schoengold & Sporn. Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986." (Mr. Sporn Member of Executive Committee) If you are a member of the class described above, you may, not later than 60 days from today, move the Court for an order to serve as a lead plaintiff, provided you meet certain legal requirements. If you would like any information regarding this matter, have any questions about this Notice or the action, or wish to obtain an information packet, please contact the firm's Investor Relations Manager, Rosemary McBride at the firm's toll-free number: 800-232-8092 or via e-mail: SCHOENGOLD@AOL.com. (Remember to include your mailing address and telephone number). CONTACT: Schoengold & Sporn, P.C. Rosemary McBride Investor Relations Manager SCHOENGOLD@AOL.com 800-232-8092 or 212-964-0046 212-267-8137 (Facsimile) KEYWORD: NEW YORK or USAT SOURCE Schoengold & Sporn, P.C. /CONTACT: Rosemary McBride, Investor Relations Manager of Schoengold & Sporn, P.C., 800-232-8092, or 212-964-0046, or 212-267-8137 - Facsimile, or SCHOENGOLD@AOL.com/ (