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.
View Complaint ·
View Settlement Notice
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.
|
|
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.
|