LITTLE ROCK, Ark., May 9, 2002 (PRIMEZONE) -- The deadline for purchasers of Pinnacle Holdings, Inc. ("Pinnacle" or the "Company") (Nasdaq:BIGT) securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Pinnacle securities between January 18, 2000 and March 17, 2001, inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Middle District of Florida by May 22, 2001.
The complaint, filed by a client of the Law Firm of Cauley Geller Bowman & Coates, LLP, charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's financial condition, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period.
Specifically, the Complaint alleges that throughout the Class Period, the Company repeatedly issued press releases highlighting the Company's increasing financial strength through its numerous acquisitions of wireless tower sites and its financial results. In August 2000, as alleged in the Complaint, Pinnacle revealed that the Securities and Exchange Commission ("SEC") was investigating the independence of its accounting firm, PriceWaterhouse Coopers, and also revealed that the SEC was investigating the Company's accounting for certain aspects of its recent acquisition of certain assets from Motorola, Inc. The Company, however, stated that its publicly issued financial statements were, at all times, prepared in complete conformity with generally accepted accounting principles. The Company further stated that the SEC investigation was nothing more than a `political' issue to further the SEC's new provision dealing with accountant independence. Then on March 17, 2001, Pinnacle issued a press release which shocked investors by announcing that the Company's previously issued financial statements for the fiscal year ended December 31, 1999 and its quarterly reports for the three months ended September 30, 1999, March 31, 2000, June 30, 2000 and September 30, 2000 would have to be revised. Defendants also disclosed that the restatements would be necessary to properly account for the Motorola acquisition. On March 19, 2001, Pinnacle stock traded at slightly below $9 per share, an 88% decline from its Class Period high of $75.
If you bought the securities of Pinnacle between January 18, 2000 and March 17, 2001, inclusive, you may, no later than May 22, 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