Company Press Release
February 11, 2000
NEW YORK, NY -- A securities class action lawsuit was commenced on behalf of purchasers of the common stock of
Sunterra Corporation (NYSE:OWN; Sunterra or the Company), between October 4, 1998 and January 19, 2000, inclusive,
(the Class Period), in the United States District Court for the Middle District of Florida.
The complaint charges Sunterra and certain of its directors and executive officers with violations of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the defendants issued materially
false and misleading information concerning Sunterras business, earnings growth and profitability and materially
overstated the Company's revenues and earnings throughout the Class Period. On January 20, 2000, defendants revealed
the truth and announced that Sunterras fourth quarter results would be in the range of $.01 to $.08 per share,
as compared with $.31 per share in the prior year and that the Company would be taking a massive charge of $38-$45
million to write off delinquent receivables improperly left on the Company's books. When the truth was disclosed,
Sunterra's stock price plunged more than $2 per share or 35.35% to an all-time low. Plaintiff seeks to recover
damages on behalf of all those who purchased or otherwise acquired Sunterra common stock during the Class Period.
If you would like to discuss this action or if you have any questions concerning this Notice or your rights as
a potential class member or lead plaintiff, you may contact Mr. Mark Punzalan, Director of Shareholder Relations
at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, 800/217-1522 or 212/779-1414
or by e-mail at Sunterra@bernlieb.com.
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Contact:
Bernstein Liebhard & Lifshitz, LLP
Shareholder Relations
Mark Punzalan, 800/217-1522 or 212/779-1414
email: Sunterra@bernlieb.com