NEW YORK, Nov. 26, 2002 (PRIMEZONE) -- Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(i), Seeger Weiss LLP hereby gives notice that on November 22, 2002, a class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all customers of PaineWebber, Inc. ("PaineWebber") who purchased shares of the common stock of Qualcomm, Inc. ("Qualcomm") during the period December 29, 1999, through January 17, 2002, inclusive (the "Class Period").
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 David R. Buchanan, Esq., or Michael S. Farkas, Esq. of Seeger Weiss LLP, One William Street, New York, New York 10004, by telephone 1-212-584-0700 or via e-mail: dbuchanan@seegerweiss.com, mfarkas@seegerweiss.com; or Thomas R. Grady, Esq., or Susan R. Healy, Esq. of Grady & Associates LPA, 720 Fifth Avenue South, Suite 200, Naples, Florida 34102, by telephone 1-239-261-6555 or via e-mail: trgrady@gradylaw.com, shealy@gradylaw.com.
The Amended Complaint charges that PaineWebber violated Section 10(b) of the Securities Exchange Act of 1934, as well as SEC Rule 10b-5 promulgated thereunder. Specifically, the Amended Complaint alleges that defendant knowingly or recklessly issued a series of materially false statements and misleading analyst reports concerning the stock of Qualcomm, Inc. ("Qualcomm"). Plaintiff alleges that defendant deliberately made unsubstantiated positive recommendations of Qualcomm stock in order to attract investment banking and retail customer business. Furthermore, defendant failed to disclose the true motivation for its recommendations to its customers who relied on PaineWebber for investment advice.
Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firms of Seeger Weiss LLP and Grady & Associates LPA. Seeger Weiss LLP maintains offices in New York City and New Jersey, while Grady & Associates LPA maintains an office in Naples, Florida. Both firms are active in major complex commercial litigations pending in federal and state courts throughout the United States.
If you are a member of the Class described above, you may, not later than 60 days from the date of this Notice, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Your ability to share in any recovery is not, however, dependent on whether or not you serve as a lead plaintiff. You may retain the law firms set forth herein, or any other counsel of your choice, to serve as your counsel in this action.
It is important to know that you have the right to move the court for your appointment as lead plaintiff through any counsel of your choice. Alternatively, if you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to this matter, you may contact the counsel listed below. You should be aware, however, that the below counsel already represent plaintiffs in this matter who may themselves seek to be appointed lead plaintiff and whose interests may conflict with your own in connection with such a motion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.