NEW YORK, July 20, 2001 (PRIMEZONE) -- A class action lawsuit against Loral Space & Communications, Ltd. ("Loral" or the "Company") (NYSE:LOR) and its senior executives was commenced in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Loral securities between November 4, 1999 and February 1, 2001 (the "Class Period").
The complaint charges defendants with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants made material misrepresentations and omissions of material facts concerning the Company's business performance during the Class Period.
Plaintiffs are represented by Robert C. Susser, P.C. and Law Offices of Brian Barry, law firms with experience in prosecuting class actions on behalf of shareholders in federal and state courts throughout the United States.
If you purchased Loral securities between November 4, 1999 and February 1, 2001, you may move the court no later than today, July 20, 2001, to serve as a lead plaintiff of the proposed class. In order to serve as a lead plaintiff, you must meet certain legal requirements. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." YOUR ABILITY TO SHARE IN ANY RECOVERY IS NOT, HOWEVER, AFFECTED BY THE DECISION WHETHER OR NOT YOU CHOOSE TO SERVE AS A LEAD PLAINTIFF. You may retain Robert C. Susser, P.C., the Law Offices of Brian Barry or other counsel of your choice to serve as your counsel in this action.
If you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact:
Robert C. Susser, (212) 808-0298, via email at classaction@mail.com or by writing to Robert C. Susser, P.C., 6 East 43rd Street, New York, NY 10017-4609; or Brian Barry, (310) 788-0831, via email at bribarry@mediaone.net or by writing to 1801 Avenue of the Stars, Suite 307, Los Angeles, CA 90067.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca