| [August 31, 2004] |
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Cohen, Milstein, Hausfeld, & Toll, P.L.L.C. Announces Class Action Lawsuit on Behalf of Primus Telecommunications Group, Inc. Investors
WASHINGTON --(Business Wire)-- Aug. 31, 2004 -- The law firm of Cohen, Milstein, Hausfeld, & Toll, P.L.L.C. announces that a lawsuit has been filed on behalf of purchasers of Primus Telecommunications Group, Inc. (Nasdaq:PRTL) ("Primus" or the "Company") securities between August 5, 2003, and July 29, 2004, inclusive (the "Class Period"). The Complaint seeks to pursue remedies under the Securities Exchange Act of 1934 against Primus and certain of its officers and directors in the United States District Court for the Eastern District of Virginia.
The complaint alleges that the defendants repeatedly announced improving financial results throughout the Class Period, touting their "record" results. Defendants also continued to affirm the Company's financial projections and assured investors that Primus would meet its earnings targets. However, the Complaint alleges that these representations were false and misleading, and allowed the Company to raise significant needed funds through bond offerings and allowed Company insiders to profit by selling their own Primus shares.
On July 29, 2004, following the close of the markets, defendants announced that rather than meeting the 10 cents per share profit that Wall Street had estimated, in fact the Company incurred a second-quarter loss of $14.9 million or $0.17 per share. On this news, Primus shares lost more than half of their value, closing down 53% on enormous volume.
If you purchased or acquired Primus securities during the Class Period, you may, no later than October 18, 2004, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff.
Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm's website at www.cmht.com.
The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: -0- *T Steven J. Toll, Esq. Robert Smits Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue, N.W. West Tower - Suite 500 Washington, D.C. 20005 Telephone: 888-240-0775 or 202-408-4600 E-mail: stoll@cmht.com or rsmits@cmht.com *T
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