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SECURITIES LITIGATION

In re Sunterra Corp. Securities Litigation, United States District Court for the Middle District of Florida

CASE DESCRIPTION
Donovan Searles is co-lead counsel for plaintiffs and the proposed class in this securities class action. The suit alleges, among other things, that certain of the former officers and directors of Sunterra caused the company to issue materially misleading financial reports and earnings releases about the company’s financial performance and prospects. As a result, plaintiffs contend that they and members of the class purchased Sunterra securities at prices that were artificially inflated because of defendants’ misleading statements and omissions. The suit also names as a defendant Arthur Anderson, LP, which had audited Sunterra’s financial statements and issued clean opinions. After filing for bankruptcy, Sunterra withdrew the financial statements at issue in the suit and stated they should not be used or relied upon by anyone. The defendants have filed a renewed motion to dismiss, which is currently pending.

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JOIN THIS CLASS ACTION
If you purchased shares of Sunterra Corporation between October 1, 1998 and January 19, 2000, you are eligible to join this class action litigation. Please fill out the form below and someone will contact you.

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  PRESS RELEASE

Donovan Miller, LLC Announces Securities Class Action Filed By Hedge Fund Against Sunterra Corporation

Philadelphia, January 28, 2000 - The law firm of Donovan Miller, LLC, announced today that a class action lawsuit was filed in the United States District Court for the Middle District of Florida against Sunterra Corporation ("Sunterra") (NYSE: OWN - news), and certain of its executive officers, on behalf of all persons who purchased Sunterra securities between October 1, 1998 and Jan. 19, 2000, inclusive (the ``Class Period''). The title of the case is Bulldog Capital Management, L.P. v. Sunterra Corporation, et al., Civil Action No. _________.

The complaint charges Sunterra and certain of its senior officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's financial condition, revenues and earnings. Because of the issuance of a series of materially false and misleading statements, the price of Sunterra common stock was artificially inflated during the Class Period.

Plaintiff is an institutional investor that is represented by the law firm of Donovan Miller, LLC and others. The members of Donovan Miller, LLC have significant experience in litigating class actions on behalf of hedge funds, private investors, shareholders and consumers. If you are a member of the class described above, you may move the court to serve as lead plaintiff not later than March 21, 2000. If you wish to discuss this action, 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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