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SECURITIES CLASS ACTIONS

In re Worldport Communications Securities Litigation, United States District Court for the Northern District of Georgia

CASE DESCRIPTION
Donovan Searles was co-lead counsel for the class in this securities class action. The suit alleged that Worldport and its senior officers had materially misrepresented Worldport’s financial position and the fact that the company’s stock was in jeopardy of delisting by NASDAQ. In October 2001, the federal district court approved a $5.1 million settlement on behalf of persons who purchased Worldport shares between January 4, 1999 and June 28, 1999.

View Complaint · View Settlement Notice

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If you purchased shares of WorldPort Communications between January 4, 1999 and June 28, 1999, you are eligible to join this class action litigation. Please fill out the form below and someone will contact you.

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WorldPort Communications, Inc. Sued By Institutional Stock Purchaser In Class Action Filed By Donovan Searles, LLC

Philadelphia, July 22, 1999 - The law firm of Donovan Searles, LLC, announced today that a class action lawsuit was filed in the United States District Court for the Northern District of Georgia against WorldPort Communications, Inc. (Nasdaq:WRDP - news) and its two highest officers, Paul A. Moore and Phillip Magiera, on behalf of all persons who purchased WRDP common stock between January 4 and June 25, 1999, inclusive (the ``Class Period''), Case No. 1-99-CV-1883.

The plaintiff in the case is an institutional stock purchaser which is alleged to have sustained losses in excess of $800,000.

The Complaint alleges that, during the Class Period, WorldPort and its two highest officers (collectively, the ``Defendants'') violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by among other things, issuing materially false and misleading statements to the investing public regarding an equity transaction the Company entered into with Heico Companies, LLC. In particular, the Complaint alleges that the Defendants failed to reveal that the sale of super-voting stock to Heico, and effective transfer of corporate control to Heico, without a vote of shareholders, violated NASD regulations and jeopardized the continued listing of WorldPort shares on NASDAQ. In addition, the Complaint alleges that WorldPort failed to disclose that a hearing occurred before a NASDAQ listing committee on June 24, 1999 and that the Company thereafter failed to obtain a trading halt before announcing on June 28, 1999 that NASDAQ had questioned the Company's compliance with NASDAQ listing requirements.

Plaintiff is represented by the law firm of Donovan Searles, LLC and others. The members of Donovan Searles, LLC have significant experience in litigating class actions on behalf of investors and shareholders.

If you are a member of the class described above, you may move the court to serve as lead plaintiff within 60 days of July 14, 1999. If you wish to discuss this action or any other securities we are investigating, or have any questions concerning your rights, please contact Michael D. Donovan at Donovan Searles, LLC, 1845 Walnut Street, Suite 1100, Philadelphia, PA 19103; phone: (800) 619-1677 or (215) 732-6067; or fill out the form contained on this webpage.

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