NEW YORK, June 27, 2005 (PRIMEZONE) -- The Rosen Law Firm (http://rosenlegal.com) today announced that it has commenced an investigation into allegations that Pegasus Communications Corporation ("Pegasus" or the "Company") (Pink Sheets:PGTV) violated the federal securities laws by failing to disclose material adverse information concerning its business.
The Rosen Law Firm's investigation focuses on allegations that Pegasus and its management may have violated Section 10b and Rule 10b-5 of the federal securities laws by failing to disclose that its "exclusive" distribution rights for DirecTV services could be terminated without cause prior to 2008. On June 2, 2004 Pegasus disclosed that its exclusive rights to distribute DirectTV services had been terminated. That same day certain of Pegasus' operating subsidiaries filed for bankruptcy protection.
As a result of these allegations, the Rosen Law Firm is considering filing a class action on behalf of investors who purchased Pegasus stock during the period from July 3, 2000 through June 2, 2004 against the Company and its former management.
If you purchased shares of Pegasus stock during the period from July 3, 2000 to June 2, 2004, and would like further information concerning your legal rights, please call Laurence Rosen, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or visit the website at www.rosenlegal.com
You may access the website at http://rosenlegal.com to participate in the proposed class action.
The Rosen Law Firm has expertise in prosecuting investor securities litigation. With offices in New York City, The Rosen Law Firm represents investors throughout the United States.