LITTLE ROCK, Ark., April 13, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it had filed a class action in the United States District Court for the Central District of California on behalf of all individuals and institutional investors that purchased the publicly traded securities of TEAM Communications Group, Inc. ("TEAM Communications" or the "Company") (Nasdaq:TMTV) between May 18, 2000 and February 12, 2001, inclusive (the "Class Period"). The Class Period is being expanded to include purchases between November 23, 1999 and February12, 2001, inclusive.
The complaint charges TEAM Communications and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TEAM Communications currently owns and distributes over 4,000 hours of programming worldwide, in addition to producing a wide variety of programming for leading U.S. and international broadcasters. The complaint alleges that during the Class Period, TEAM Communications reported favorable but false financial results, causing its stock to trade at artificially inflated levels of as high as $12 per share.
Then, on February 13, 2001, prior to the market opening, TEAM Communications shocked the investment community with a press release which revealed that the Company expected to record a Q4 charge equivalent to more than five times all the income it reported during the Class Period. It also acknowledged that certain of its acquisition and distribution activities may have "lacked economic substance." On this news, TEAM Communications' shares dropped to as low as $1.375, or more than 88% lower than its Class Period high of $12.
If you bought the securities of TEAM Communications between November 23, 1999 and February 12, 2001, inclusive, you may, no later than May 8, 2001 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca