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Technology Stocks : SmarTalk (SMTK) -- Ignore unavailable to you. Want to Upgrade?

To: TA2K who wrote (280)	2/22/1999 8:47:00 AM
From: JakeStraw	Read Replies (1) \| Respond to of 283

Attention SmarTalk Shareholders: Court Appointed Lead Counsel Files Amended Class Action Complaint SAN DIEGO, Feb. 19 /PRNewswire/ -- Court appointed Lead Counsel in the SmarTalk Teleservices, Inc. Securities Litigation has filed an amended complaint on behalf of purchasers of SmarTalk Teleservices, Inc. (''SmarTalk'') (Nasdaq: SMTK - news; OTC Bulletin Board: SMTKQ - news) securities between August 13, 1997 and January 7, 1999 (the ''Class Period''). The amended complaint consolidates the pending class actions previously filed against SmarTalk during August 1998, and also includes defendants' ongoing fraudulent conduct perpetrated after the August 1998 complaints were filed. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Court Appointed Lead Counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com. The initial complaints filed by Lead Counsel charge SmarTalk and certain of its officers and directors, and its outside auditors, with violations of the Securities Exchange Act of 1934 during a class period of May 13, 1997 to August 10, 1998. The amended complaint includes defendants' ongoing misconduct subsequent to August 10, 1998, including defendants' financial fraud which culminated with defendants restating not only SmarTalk's fiscal 1997, first quarter 1998 and second quarter 1998 results, but also its third quarter 1998 results as detailed in SmarTalk's January 7, 1999 announcement. The January 7, 1999 announcement caused SmarTalk's stock price to further collapse to $1-1/2 per share. The Company has declared bankruptcy. The amended complaint continues to name SmarTalk's officers and directors and SmarTalk's outside auditor, PricewaterhouseCoopers, LLP, with violations of the securities laws. Since August 1998, Lead Counsel have spent hundreds of hours investigating the facts and prosecuting this litigation and are taking all necessary steps to protect the interests of SmarTalk investors in this action and in the bankruptcy proceedings. Nevertheless, at least three complaints have been filed during January and February, 1999 by other law firms purporting to represent class members in this action. These actions have not been filed by Court Appointed Lead Counsel in this action, but rather by other counsel who were not involved in prosecuting and investigating this action from its inception. The allegations contained in these recently filed complaints appear to only cover the last few months of the Period covered by Lead Counsel's February 16, 1999 Amended Complaint. Lead Plaintiffs seek to recover damages on behalf of purchasers of SmarTalk securities during the Class Period (the ''Class''). They are represented by Lead Counsel, including Milberg Weiss Bershad Hynes & Lerach LLP, who have 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 litigations 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. Visit the firm's website at milberg.com. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449- 4900 or via e-mail at wsl@mwbhl.com. SOURCE: Milberg Weiss Bershad Hynes & Lerach LLP