BALA CYNWYD, Pa., June 4, 2002 (PRIMEZONE) -- A shareholder sued Universal Access Global Holdings, Inc. ("Universal Access" or the "Company") (Nasdaq:UAXS) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Northern District of Illinois-Eastern Division and seeks damages for violations of federal securities laws on behalf of all investors who bought Universal Access Global Holdings, Inc. securities between May 10, 2001 and April 24, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Universal Access Global Holdings, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Chicago-based Universal Access Global Holdings, Inc. failed to adequately disclose their adoption of a new business model as well as the associated material risks facing the Company as a result. In addition, the complaint alleges that Universal Access issued financial statements which violated Generally Accepted Accounting Principles ("GAAP") by improperly recording revenue for contingent contracts prior to the receipt of payment. In addition, the complaint alleges that Universal Access improperly recognized revenue for "capacity swaps" with other communications companies, which had no real business purpose other than to artificially inflate Universal Access' reported revenues.
If you purchased Universal Access Global Holdings, Inc. securities between May 10, 2001 and April 24, 2002, you may be a member of the class and have until June 25, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca