WorldPort Communications, Inc. [NASDAQ:WRDP] On July 14, 1999, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of investors who bought WorldPort Communications, Inc. (NASDAQ: WRDP) ("WorldPort" or the "Company") stock between January 4, 1999 and June 25, 1999 (the "Class Period").The lawsuit charges WorldPort and certain of its officers and directors with violations of the securities laws and regulations of the United States. The Complaint alleges that defendants issued a series of false and misleading statements during the Class Period concerning financing arrangements with Heico Companies LLC ("Heico") in January 1999 (the "Heico Investment").
The Complaint alleges that defendants knew prior to the consummation of the Heico Investment that they had violated certain NASDAQ voting and shareholder approval requirements in connection with the Heico Investment. On June 28, 1999 defendants admitted that they failed to comply with the NASDAQ requirements in January 1999 due to "pressing issues at the time" and that NASDAQ is investigating possibly delisting the Company. Upon the release on June 28, 1999 of these devastating revelations regarding the Company's threatened NASDAQ delisting the Company's stock price dropped from a closing price of $8.50 per share on Friday, June 25, 1999 to close at $3.50 per share on June 28, 1999.Additional cases have been filed on behalf of investors. There is a proposed settlement of the Worldport Communications Inc. Securities Litigation. The hearing on the settlement is scheduled for October 19, 2001. Proofs of claim to participate in the settlement are to be postmarked on or before November 30, 2001. Proofs of claim may be obtained by writing to the Worldport Communications Securities Litigation Claims Administrator, P.O. Box 3029, Bluebell, PA 19422.
If you wish to read the current Complaint please click the Complaint button at the bottom of this pageIf you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Fred Taylor Isquith, Esq. at Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735. Finally, we would like to provide you with additional information from time to time. If you would like to receive such information, please fill in and submit the shareholder registration form.