NEW YORK, June 12, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of Illinois - Eastern Division, case number 02C-4175, on behalf of all persons or entities who purchased Universal Access Golbal Holdings, Inc. ("Universal Access" or the "Company") securities (Nasdaq:UAXS) between May 10, 2001 and April 24, 2002, both dates inclusive (the "Class Period"). Universal Access, Patrick C. Shutt, Robert M. Brown, Robert E. Rainone, Jr., George A. King, Robert J. Pommer, Scott D. Fehlan, and Paolo Guidi are named as defendants in the action.
The complaint charges Universal Access and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that Universal Access and its top officers inflated the price of the Company's stock by failing to disclose a change in the Company's business model and the risks involved in that change. Defendants knew that concealing Universal Access's true vehicle, the CORE Initiative, for creating cash flow from operations and the true impact it would have on the Company provided the only means by which that they could foster the perception in the business community that it had a viable business plan, i.e., the only way Universal Access could post the revenue and earnings per share growth claimed by Defendants.
Plaintiffs are represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased Universal Access securities during the Class Period described above, you may, no later than June 25, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca