NEW YORK, Jan. 8, 2002 (PRIMEZONE) — Wechsler Harwood LLP today appear that a balance chic activity has been commenced on annual of bodies or entities who purchased or contrarily acquired the balance of 800America.com (“800America” or the “Company”) (Other OTC:ACCO) during the aeon amid January 17, 2001 and November 13, 2002, across-the-board (the “Class Period”).
The case is awaiting in the United States District Court for the Southern District of New York adjoin defendants 800America, assertive of its admiral and directors, and its accountant. A archetype of the complaint is accessible from the Court or can be beheld on Wechsler Harwood web armpit at: www.whesq.com
The accusation accuse that defendants abandoned Sections 10(b) of the Balance Exchange Act of 1934 by agreeable in a massive, able arrangement to artificially aerate the amount of 800America b by “cooking” its books and records, and by arising accessible filings that grossly adulterated the Company’s accurate accompaniment of affairs. The Complaint alleges that, throughout the Chic Period, defendants affianced in counterfeit accomplishments which included, amid added things: (a) advertisement millions of dollars in apocryphal earnings, revenues, costs and assets, advisedly buried by defendants’ conception of afflicted coffer statements, checks, invoices and a accepted ledger, which they supplied to 800America’s auditor; (b) the confiscation and annexation of abundant assets of the Company by defendants David Elie Rabi (“Rabi”) and Tillie Ruth Steeples (“Steeples”) through transfers of funds from 800America accounts to accounts controlled by Rabi and/or Staples; (c) the arising of a columnist absolution falsely abstinent Rabi’s bent accomplished and declining to acknowledge that Steeples was a ascendancy being of the Company; and (d) the filing of a 10-KSB which listed as admiral and/or admiral or “significant employees” several individuals who had either larboard the Company or could not be amid by the Company.
The Complaint added alleges that 800America maintained two abstracted sets of books in advocacy of their fraud, in which around all of its appear revenues in budgetary years 2001 and 2002 were fictitious. In addition, 800America appear about $13.2 actor in banknote assets for budgetary year 2001-supported by a afflicted coffer annual provided to the Company’s accountant absorption about $12.67 actor in cash-while the absolute coffer annual reflected that such annual never independent added than $640.66 for that absolute period. On November 13, 2002, the Balance & Exchange Commission (SEC) filed a civilian activity adjoin 800America, Rabi and Steeples in the Southern District of New York, alleging that the Company biased around all of its appear revenue, buried the bent histories of Rabi and Steeples, and contrarily perpetrated a massive artifice adjoin investors. Both Rabi and Steeples were arrested on bent accuse in affiliation with this fraud.
If you purchased balance during the Chic Period, you may, no after than February 7, 2003, move to be appointed as a advance plaintiff in this chic action. A advance plaintiff is a adumbrative affair that acts on annual of added chic associates in administering the litigation. In adjustment to be appointed advance plaintiff, the Court charge actuate that the chic member’s affirmation is archetypal of the claims of added chic members, and that the chic affiliate will abundantly represent the class. Under assertive circumstances, one or added chic associates may calm serve as advance plaintiff. Your adeptness to allotment in any accretion is not, however, afflicted by the accommodation whether or not to serve as a advance plaintiff. You may absorb Wechsler Harwood, or added admonition of your choice, to serve as your admonition in this action.
Wechsler Harwood has taken a arch role in abounding important accomplishments on annual of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has added advice about the close and abundant advice apropos this matter. If you ambition to altercate this activity with us, or accept any questions apropos this apprehension or your rights and interests with attention to the case, amuse acquaintance the following:
Added advice on this and added Chic Activity Lawsuits can be begin at www.primezone.com/ca
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