Finkelstein Class Action re: e.spire Communications Inc.
Finkelstein, Thompson & Loughran Files Securities Fraud Class Action Against e.spire Communications, Inc.
PR Newswire - Friday May 26, 2000
WASHINGTON, May 26 /PRNewswire/ -- Finkelstein, Thompson & Loughran has filed a securities class action lawsuit in the United States District Court for the District of Maryland on behalf of investors who bought e.spire Communications, Inc. (Nasdaq: ESPI) ("Espire" or the "Company") stock between August 12, 1999 and March 30, 2000 (the "Class Period").
The lawsuit charges Espire and certain officers of the Company, with violations of the federal securities laws. The lawsuit alleges that defendants issued a series of false and misleading statements during the Class Period concerning the Company's assets, revenues, income and earnings. The complaint specifically alleges that the Company's 1999 revenues and operating results were overstated through improper revenue recognition and the overstatement of receivables, causing the Company to have to restate its 1999 results. The complaint further alleges that certain insiders took advantage of their inside knowledge to sell significant amounts of their own Espire stock holdings for proceeds of over $2.8 million.
On March 30, 2000, the market discovered for the first time defendants' deceptive accounting practices. By the close of trading on March 31, 2000, the Company's stock price had fallen almost 38%, to a close of $7.031
Plaintiff seeks to recover damages on behalf of all investors who purchased Espire stock during the Class Period and who suffered damages as a result, and is represented by the law firm of Finkelstein, Thompson & Loughran, of Washington, DC. Finkelstein, Thompson & Loughran has over thirty years of securities litigation experience, has broad experience in representing defrauded investors in shareholder class actions, and has been appointed to lead positions in many such actions in federal and state courts throughout the United States.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, not later June 19, 2000, move the Court to serve as a lead plaintiff. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Donald J. Enright with Finkelstein, Thompson & Loughran, toll-free at 888-333-4409, or at 202-337-8000, or by e-mail at DJE@FTLLAW.com.
If you wish to learn more about Finkelstein, Thompson & Loughran, you can visit their Web page at www.ftllaw.com/
CONTACT: Donald J. Enright of Finkelstein, Thompson & Loughran, 888-333-4409, or 202-337-8000, or email: DJE@FTLLAW.com/