homeimgo

Home

About Our Firm

Our Areas of Practice

Our Attorneys

Recently Filed Actions

Join a Class Action

Report Fraud

Significant Recoveries

Notices & Proof of Claims

Contact Us

KAPLAN FOX FILES SECURITIES
FRAUD CLASS ACTION AGAINST
U.S. WIRELESS CORPORATION.

NEW YORK - July 11, 2001- Kaplan Fox (KaplanFox.com) has filed a class action against U.S. Wireless Corp. and certain of the Company's officers and directors in the United States District Court for the Northern District of California. The suit is brought on behalf of all persons or entities who purchased the common stock of U.S. Wireless Corporation ("U.S. Wireless") (NASDAQ: USWC) between June 29, 1999 and May 25, 2001 inclusive (the "Class Period").

The complaint charges U.S. Wireless Corp. and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued false and misleading financial statements concerning U.S. Wireless' publicly reported earnings. Specifically, the Company's financial statements issued during the Class Period failed to disclose certain related party transactions as required by the Generally Accepted Accounting Principles and regulations of the U.S. Securities and Exchange Commission. These transactions involved the issuance of cash payments, stock and stock options to outside vendors who were affiliated with the Company's Chief Executive Officer and Chairman, Oliver Hilsenrath.

On May 26, 2001, the Company issued a press release announcing that an investigation by the Audit Committee of the Board of Directors had uncovered various irregularities in relation to certain financial transactions at the Company and further investigation was underway to determine the accuracy of its reported earnings. U.S. Wireless also announced that Oliver Hisenration was terminated by the Board of Directors. As a result of the U.S. Wireless' false and misleading statements the Company's common stock was artificially inflated throughout the Class Period, when it traded as high as $22.875 per share.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com.

If you are a member of the Class, you may move the court no later than September 10, 2001 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:

Frederic S. Fox, Esq.
Donald R. Hall, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com

Laurence D. King, Esq.
Kaplan Fox & Kilsheimer LLP
100 Pine Street, 26th Floor
San Francisco, CA 94111
(415) 336-1238
Fax: (415) 677-1233
E-mail address: mail@KaplanFox.com

Back to the Main List

  Please Click Here to Join the Class Actions or Request Information

 

 | HOME | | ABOUT OUR FIRM | | OUR AREAS OF PRACTICE |

| OUR ATTORNEYS | | RECENTLY FILED ACTIONS | | CONTACT US |

For additional information about Kaplan Fox & Kilsheimer LLP

contact (mail@KaplanFox.com)

© Copyright 2001, Kaplan Fox & Kilsheimer LLP