NEW YORK, July 18, 2002 (PRIMEZONE) -- The law firm of Shalov Stone & Bonner LLP issued the following announcement today:
A class action lawsuit was filed Friday, June 21, 2002, on behalf of investors who purchased the securities of 360Networks, Inc. (Pink Sheets:TSIXQ) (TSE:TSX) in the period from November 8, 2000 to June 28, 2001, inclusive. The complaint names certain officers and directors of the company as defendants, among others. The complaint also names the accounting firm of PriceWaterhouseCoopers LLP as a defendant. The lawsuit was filed by the law firm of Shalov Stone & Bonner LLP in New York City (www.lawssb.com).
Ralph M. Stone, a partner at Shalov Stone & Bonner LLP commented that "Today, 360Networks acknowledged that its stock is totally worthless. As part of its bankruptcy reorganization, current stockholders will 'not recover any value from their investments.' The class action complaint filed by my firm alleges that the lack of value was primarily the result of an accounting fraud perpetrated at 360, and the complaint alleges that this accounting fraud was apparent to company insiders during 2000."
The complaint alleges that the defendants engaged in a massive accounting fraud and made material misrepresentations and omissions of material facts concerning the company's financial condition and business performance during the relevant time. According to the complaint, the defendants knew or recklessly disregarded that the company was overstating revenues and assets by a vast amount during the Class Period. As a result, investors have suffered substantial losses. The lawsuit was filed in Federal Court in New York City.
Investors interested in participating in this lawsuit should be cautioned that many law firms file copy-cat lawsuits, and that many law firms issue press releases about lawsuits without actually having filed a lawsuit, in order to solicit clients. Shalov Stone & Bonner LLP is the only law firm to have conducted the investigation leading to the filing of the action. Other law firms issuing press releases have based their filings on the complaint filed by Shalov Stone & Bonner LLP.
For information, please contact Shalov Stone & Bonner LLP (Ralph M. Stone, Esq.), 485 Seventh Avenue, Suite 1000, New York, New York 10018, telephone (212) 239-4340, email: rstone@lawssb.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca