PHILADELPHIA, May 8, 2002 (PRIMEZONE) -- Notice is hereby given that on May 8, 2002, a class action suit was filed in the Lufkin Division of the United States District Court for the Eastern District of Texas on behalf of all purchasers of the common stock of Universal Access, Inc. or Universal Access Global Holdings, Inc. ("Universal Access") (Nasdaq:UAXS) between May 10, 2001 and March 22, 2002, against Universal Access and certain of its officers and directors seeking remedies under the Securities Act of 1934. A copy of the Complaint is available from the Court, civil action number 9:02cv112 or the Law Offices Bernard M. Gross, P.C. Please visit our website at http://www.bernardmgross.com or contact us by phone at 866-561-3600 (toll-free) or by E-mail at susang@bernardmgross.com.
The Complaint charges Universal Access and certain of its officers and directors with issuing a series of material misrepresentations to the market during the class period, failing to adequately disclose a change in the company's business model and the risks involved in that change, and issuing financial statements that violated Generally Accepted Accounting Principles ("GAAP''), thereby artificially inflating the price of Universal Access's publicly traded securities. The alleged GAAP violations include recording revenue for contingent contracts and for "capacity swaps'' with other telecommunications companies. As alleged in the complaint, these capacity swaps were merely a trading of services, which had no real business purpose other than to artificially inflate the revenues of the participating companies. The complaint alleges that these actions violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff seeks to recover damages on behalf of himself and the class members and is represented by the Law Offices Bernard M. Gross, P.C.
If you are a member of the class and you wish to serve as lead plaintiff, you must file a motion with the court no later than June 24, 2002 after the filing of the complaint. If 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:
Law Offices Bernard M. Gross, P.C. Susan Gross, Esq. Deborah R. Gross, Esq. 1515 Locust Street, 2nd Floor Philadelphia, PA 19102 Telephone: 800-849-3120(toll-free) 866-561-3600(toll-free) 215-561-3600 E-mail: susang@bernardmgross.com or debbie@bernardmgross.com Website: http://www.bernardmgross.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca