Shareholder Sues Eagle Building Technologies, Inc. for Stock Fraud, Berman DeValerio Pease Tabacco Burt & Pucillo Says -- EGBT

Boston, Massachusetts, UNITED STATES


WEST PALM BEACH, Fla., April 11, 2002 (PRIMEZONE) -- A shareholder has sued Eagle Building Technologies, Inc. (Nasdaq:EGBT), accusing the company and its former chairman of misleading investors, Berman DeValerio Pease Tabacco Burt & Pucillo announced today.

The class-action complaint was filed April 8, 2002 in the U.S. District Court for the Southern District of Florida, West Palm Beach Division. It seeks damages for violations of federal securities laws on behalf of all investors who bought Eagle Building common stock from April 18, 2001 through February 14, 2002 (the Class Period).

Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, visit the firm's website at www.bermanesq.com.

According to the complaint, Eagle Building reported fabricated revenue from the company's construction business in India and deceived the public about the nature of its Indian operations. The complaint also says that the defendants issued false statements about purportedly "revolutionary" airport security technology in a news release issued two weeks after the September 11, 2001 attacks on New York and Washington.

On February 14, 2002, the company announced that it would be forced to issue earnings restatements for fiscal years 2000 and 2001. That same day, the complaint said, the U.S. Securities and Exchange Commission began an investigation into the company's foreign operations and its post-September 11 statements about an airport security system, mail sterilization technology and money laundering detection software.

News of the alleged fraud triggered a sharp drop in Eagle Building's stock price, which had traded as high as $12.30 a share during the Class Period, the complaint said. On February 14, the company's share price fell 68% to $1.44.

If you purchased Eagle Building common stock during the period April 18, 2001 through February 14, 2002, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.


 Michael J. Pucillo, Esq.
 Wendy H. Zoberman, Esq.
 Northbridge Centre, Suite 1701
 515 North Flagler Drive
 West Palm Beach, FL 33401
 (561) 835-9400
 law@bermanesq.com

You may also visit the firm's website at www.bermanesq.com.

If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than May 31, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.

Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 33 attorneys in Boston, San Francisco and West Palm Beach, Florida.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca



        

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