PHILADELPHIA, Nov. 15, 2000 (PRIMEZONE) -- Spector, Roseman, & Kodroff has filed Class Action lawsuits against or asked to investigate the following companies at the request of shareholders who purchased securities during the Class Periods stated below. Investors who purchased any of the following securities during the stated Class Periods are invited to contact us to learn more about these lawsuits. If you wish to discuss these actions or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel Robert M. Roseman toll-free at 1-888-844-5862 or via E-mail at classaction@spectorandroseman.com.
AT&T Corporation (NYSE:T) 10/25/99 - 5/1/00 - The complaint charges that defendants knowingly or recklessly disseminated materially false and misleading statements that misrepresented AT&T's business, operations, new acquisitions and earnings growth and its ability to achieve profitable growth. The complaint further alleges that, as a result of such misinformation, AT&T's stock traded at artificially inflated prices throughout the Class Period.
Covad Communications (Nasdaq:COVD) 9/7/00 - 10/17/00 - The complaint alleges that the company misrepresented the revenues that the company would generate from a newly acquired business.
priceline.com (Nasdaq:PCLN) 7/24/00 - 9/23/00 - The complaint charges priceline.com and certain of its directors and executive officers with violations of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the defendants issued false and misleading information which artificially inflated the price of the stock during the class period. The complaint further alleges that, at the commencement of the Class Period, on July 24, 2000, defendants stated that (i) the Company was "rounding the final turn and on the homestretch towards profitability," (ii) "our loyalty among existing customers is accelerating." and (iii) the Priceline bidding model "has tremendous staying power." The complaint alleges that defendants knew or recklessly disregarded that the company was not ``rounding the final turn and on the homestretch towards profitability," that its business model did not have "tremendous staying power," and that the Company was losing customers as increasing numbers of people became dissatisfied with Priceline's rigid bidding process and the company's failure to respond to their complaints of poor service and confusing terms.
WorldCom Corporation (Nasdaq:WCOM) 4/13/00 - 11/1/00 - The complaint charges that defendants knowingly or recklessly disseminated materially false and misleading statements that misrepresented WorldCom's business, prospects, and operations. Specifically, the complaint charges that defendants misrepresented the Company's financial statements due to their failure to timely write-down $405 million in receivables representing accounts which defendants knew were uncollectible, failed to disclose that the Company was experiencing declining growth in its Internet services and, misrepresented that the Company could "grow revenues and profitability" despite intense pricing pressure.
Spector, Roseman, & Kodroff, P.C., located in Philadelphia and San Diego, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm 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 as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies. For more detailed information about the firm please visit our website at http://www.spectorandroseman.com.
The Firm is currently representing investors as lead counsel in actions against S3, Inc., Compaq Computer Corp., Dreyfus Aggressive Growth Fund, Mitcham Corporation, Capstead Mortgage and Unisys Corporation. The firm is currently representing businesses as lead counsel in the following antitrust actions: In re Flat Glass Antitrust Litigation; In re Corrugated Paper Antitrust Litigation.