DALLAS, Texas, May 1,2002 (PRIMEZONE) -- Shore Deary, LLP: notice is hereby given that on April 25, 2002, a class action suit was filed in the Lufkin Division of the United States District Court for the Eastern District of Texas on behalf of all purchasers of the common stock of Universal Access, Inc. or Universal Access Global Holdings, Inc. ("Universal Access") (Nasdaq:UAXS) between May 10, 2001 and March 22, 2002, against Universal Access and certain of its officers and directors seeking remedies under the Securities Act of 1934.
The Complaint charges Universal Access and certain of its officers and directors with issuing a series of material misrepresentations to the market during the class period, failing to adequately disclose a change in the company's business model and the risks involved in that change, and issuing financial statements that violated Generally Accepted Accounting Principles ("GAAP"), thereby artificially inflating the price of Universal Access's publicly traded securities. The alleged GAAP violations include recording revenue for contingent contracts and for "capacity swaps" with other telecommunications companies. As alleged in the complaint, these capacity swaps were merely a trading of services, which had no real business purpose other than to artificially inflate the revenues of the participating companies. The complaint alleges that these actions violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff seeks to recover damages on behalf of himself and the class members and is represented by the law firms of Shore Deary LLP; Nix, Patterson & Roach, LLP; and Patton, Haltom, Roberts, McWilliams & Greer, LLP.
Over the past ten years, Shore Deary, LLP, has tried numerous cases on behalf of plaintiffs and achieved over a ninety- percent success rate at trial. In addition to the firm's success at trial, Shore Deary, LLP, has recovered millions of dollars in settlements for plaintiffs in various types of cases, including class actions.
If you are a member of the class and you wish to serve as lead plaintiff, you must file a motion with the court no later than sixty days after the filing of the complaint. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kenneth E. Shore at Shore Deary, LLP, at the following address:
Shore Deary, LLP 2515 McKinney Avenue, Suite 1565 Dallas, Texas 75201 Telephone (800) 497-6444 kenneth.shore@shore-deary.com If you wish to move for lead plaintiff, contact: Rick Adams Patton, Haltom, Roberts, McWilliams & Greer, LLP Century Bank Plaza, Suite 400 2900 St. Michael Drive Texarkana, Texas 75503 Telephone (866) 546-9959 x404 (Toll Free) radams@pattonhaltom.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca