Class Action Suit Filed Against Worldspace, Inc.
Class Action News
NEW YORK, NY -- The Rosen Law Firm recently announced that it has filed a class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of a class consisting of all purchasers of the common stock of Worldspace, Inc. (the "Company" or "Worldspace") (NASDAQ: WRSP) pursuant and/or traceable to the Company's August 4, 2005 Initial Public Offering (the "Class"). Purchasers of WorldSpace shares on the open market are also eligible to join the class action.
The complaint charges that Worldspace and certain of its present officers and directors violated Sections 11, 12 and 15 of the Securities Act of 1933 by issuing materially false and misleading statements about the Company's subscriber count. The Complaint alleges that the Company included in its subscriber count accounts that had either expired or been "churned." The Complaint alleges that the Company included these expired or "churned" accounts for at least 90 days after the accounts had expired or were otherwise non-paying. As a result of these adverse disclosures the Company's stock fell and members of the Class were damaged.
A class action lawsuit has already been filed on behalf of Worldspace shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2007. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.
To view the complaint or to join the Worldspace class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
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