XO Communications Misled Investors According to Class Action Suit Filed by Weinstein Kitchenoff Scarlato & Goldman Ltd
PHILADELPHIA, Dec. 18 /PRNewswire/ -- Weinstein Kitchenoff Scarlato & Goldman Ltd. announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of investors who purchased shares of the common stock of XO Communications, Inc. (Nasdaq: XOXO), between April 4, 2001 and November 29, 2001 (the "Class Period").
The complaint charges XOXO and Daniel F. Akerson, XOXO's Chief Executive Officer and Chairman of the Board of Directors, Nathaniel A. Davis, its President, Chief Operating Officer and Director, and Craig O. McCaw, the Company's founder, controlling shareholder, and Director ("defendants") with violating the federal securities laws by, among other things, issuing false and misleading statements regarding XOXO's financial condition as well as its present and future business operations.
The Complaint alleges that defendants misled the investing public concerning the Company's ability to finance its business operations until it would be cash-flow positive. Throughout the Class Period, defendants stated that XOXO had sufficient cash to survive at least into mid-2003 without the need for further financing. These statements were false, and on November 29, 2001, defendants announced a transaction where the shareholders' equity was destroyed in exchange for a cash infusion of $800 million. Trading in the Company's stock was quickly halted.
The lawsuit seeks to recover losses suffered by investors who purchased the Company's stock during the Class Period at artificially inflated prices.
The attorneys at Weinstein Kitchenoff Scarlato & Goldman Ltd. (www.wksg.com) of Philadelphia, PA are experienced in representing defrauded investors in class actions in courts throughout the United States. Weinstein Kitchenoff Scarlato & Goldman Ltd. has achieved a total of more than $1 billion in recoveries for investors, consumers, and other victims of unlawful conduct.
Shareholders who purchased XOXO common stock who are interested in serving as a Lead Plaintiff in this action may contact Kellie A. Allen, Esquire, or Andrew P. Henry, Esquire, toll free at (888) 545-7201 or by e-mail at allen@wksg.com or henry@wksg.com, to learn more about the role of a Lead Plaintiff in this securities class action.
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/CONTACT: Kellie A. Allen, Esquire, allen@wksg.com, or Andrew P. Henry, Esquire, henry@wksg.com, +1-888-545-7201, both of Weinstein Kitchenoff Scarlato & Goldman Ltd./
Aktuell in USA stehen sie bei 0,104 $, hier bei uns bei 0,12 ?. Was denkt Ihr, Abstauberlimit bei 0,07 könnte greifen? Oder sind die schon so kaputt, dass da gar nix mehr geht (Totalverlust zu 99,99% wahrscheinlich)?
Gr., ZN
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