BENSALEM, Pa., May 17, 2006 (PRIMEZONE) -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased securities of GlobeTel Communications Corp. ("GlobeTel" or the "Company")(AMEX:GTE) between December 22, 2005 and April 11, 2006, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of Florida.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's financial prospects, thereby artificially inflating the price of GlobeTel securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased GlobeTel securities between December 22, 2005 and April 11, 2006, you have certain rights, and have until June 27, 2006, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, or visit our website at www.howardsmithlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.