The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: Goldman Scarlato & Karon, P.C.
July 21, 2006
CONSHOHOCKEN, PA -- Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces
that a lawsuit has been filed in the United States District Court for the District of Nevada, on behalf of persons
who purchased or otherwise acquired publicly traded securities of Sunterra Corporation ("Sunterra" or
the "Company") (PINKSHEETS:SNRR) between April 15, 2003 and June 22, 2006, inclusive, (the "Class
Period"). The lawsuit was filed against Sunterra and certain officers and directors ("Defendants").
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail
us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of
the Class, you may move the Court no later than September 11, 2006 to serve as a lead plaintiff for the Class.
Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class
member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants issued materially false
and misleading financial results for the fiscal years ended December 31, 2002, to September 30, 2005 and for the
first quarter ended December 31, 2005.
On March 27, 2006, the Company announced that it had terminated Grant Thornton as its independent auditor. On April
10, 2006, Grant Thornton indicated in a letter to the SEC that it disagreed with Sunterra's statements regarding
its termination. Specifically, the letter indicated that Grant Thornton had received an email from a former employee
alleging accounting improprieties in the Company's European operations, which was a reportable event. On May 3,
2006, Sunterra announced that its financial results for the fiscal years ended December 31, 2002 to September 30,
2005 and the fiscal quarter ended December 31, 2005 contained material inaccuracies. Then on June 22, 2006, the
Company announced that it had placed its CEO on administrative leave pending the completion of the Company's investigation
into its accounting practices.
If you bought Sunterra securities between April 15, 2003 and June 22, 2006, inclusive, and would like to obtain
information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.
------------------------
Contacts The Law Firm of Goldman Scarlato & Karon, P.C. Mark S. Goldman, Esq., 888-753-2796
Source: Goldman Scarlato & Karon, P.C.