NEW YORK, July 10, 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).
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 additional information about the lawsuit, please contact Ralph M. Stone of the law firm of Shalov Stone & Bonner LLP by email as indicated below.
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.
Shalov Stone & Bonner LLP has taken a leading role in many important actions on behalf of defrauded investors and consumers. The firm is frequently retained by investors to conduct investigations and initiate actions involving allegations of corporate fraud. The members of the firm possess significant experience and expertise conducting investigations and legal actions of this nature. The firm's experience and accomplishments are discussed on its website - www.lawssb.com
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