U.S.Wireless (Wo sind die geblieben?)
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Gibt es die eventuell seit Mai nicht mehr?
Was wurde aus den Aktien?
THURSDAY, AUGUST 30, 2001 6:02 AM
- Internet Wire
Berman DeValerio Pease Tabacco Burt & Pucillo: Investors Accuse U.S. Wireless Corporation Of Stock Fraud
SAN FRANCISCO, CA, Aug 30, 2001 (INTERNET WIRE via COMTEX) -- Shareholders filed a class action lawsuit against U.S. Wireless Corporation accusing the company of securities fraud, the law firm of Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The class action was filed July 17 in the United States District Court for the Northern District of California as c01-2715-jcs. It seeks damages for violations of federal securities laws on behalf of all investors who bought U.S. Wireless stock between July 14, 1998 and May 25, 2001 (the "Class Period").
Berman DeValerio has represented investors in class actions for nearly two decades. To review the complaint and learn more about becoming a lead plaintiff, visit our Website at .
The class action charges San Ramon-based U.S. Wireless and its former chief executive officer, Oliver Hilsenrath, with issuing false and misleading financial statements and news releases about the company's earnings, and covering up certain party-related transactions. According to the complaint, the company failed to disclose transactions that should have been made public under both Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission (SEC) regulations. The transactions at issue were payments of cash, stock and stock options to outside vendors affiliated with Hilsenrath.
In a news release issued July 10, 2001, U.S. Wireless said it would be forced to restate its fiscal 2000 filings. The company said the restatement, among other things, would increase the net loss for that year to $17.7 million from $11.5 million. In its announcement, U.S. Wireless said the decision to restate was made as a result of an investigation that found "improper transactions."
The company also said it had "terminated Mr. Hilsenrath's employment for cause," and had asked him to resign his board seat.
U.S. Wireless said in another statement that an audit committee investigation had uncovered "irregularities" related to the payments and that the company believed the transactions "were not disclosed as required" in SEC filings.
The Nasdaq Stock Market suspended trading of U.S. Wireless stock on May 29. During the Class Period, the company's stock traded as high as $46.625 per share. When Nasdaq halted trading, shares were trading at $2.91.
If you purchased U.S. Wireless common stock during the period of July 14, 1998 through May 25, 2001, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests:
You may also visit us at our website at .
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than September 10, 2001. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
Berman DeValerio Pease Tabacco Burt & Pucillo () prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 29 attorneys in Boston, San Francisco and West Palm Beach, Florida.
Copyright 2001 Internet Wire, All rights reserved.