Company Press Release: Berman, DeValerio & Pease LLP
BOSTON, Jan. 23 /PRNewswire/ -- Berman, DeValerio & Pease LLP, a law firm specializing in representing shareholders
in class action lawsuits for almost twenty years, issues the following press release:
During the past five days, investors have sued both Sunterra Corp. (NYSE: OWN - news) and Legato Systems, Inc.
(Nasdaq: LGTO - news) for alleged securities fraud. If you purchased the stock of either company, you may be a
member of the class and should consider contacting Berman, DeValerio & Pease LLP to find out about your legal
rights and interests in these cases. You can contact the firm at 800-516-9926 or visit their website at http://www.bermanesq.com
.
Sunterra Corp
Sunterra is charged with issuing false financial information during the October 4, 1998 through January 19, 2000
class period. On January 20, 2000, the company revealed that its fourth quarter results would be between $.01 to
$.08 per share, compared with $.31 per share for the prior year, and that the Company planned to take a $38 to
$45 million charge in order to write-off delinquent receivables improperly left on its books. If you purchased
Sunterra common stock during the class period, you may be able to participate in this action.
Legato Systems, Inc
Legato Systems is charged with issuing false financial information during the October 20, 1999 through January
19, 2000 class period. Specifically, the complaint alleges that the Company improperly recorded revenue on three
contracts during the third and fourth quarters of 1999, artificially inflating the company's stock price. If you
purchased Legato common stock during the class period, you may be able to participate in this action.
``Both companies are charged with issuing false financial information and with violating the federal securities
laws,'' said Michael Lange, an attorney with the firm. ``With Sunterra, management plans to take a hefty charge
against its latest quarterly results. With Legato, the company is going back and restating results that it had
previously published. In either case, the investors who are suing claim that they paid too much for their stock,
given the adverse and undisclosed facts, and are trying to recover losses for themselves and other investors.''
Berman, DeValerio & Pease LLP is one of the nation's leading firms in representing investors in securities
class action lawsuits and has substantial experience in prosecuting class actions. The firm has been appointed
lead counsel in many major shareholder lawsuits pending throughout the country. The firm prides itself on its responsiveness
to shareholders and their needs in particular cases.
If you are an investor in any of the actions listed above, or have any questions about any securities class action,
please contact the firm at 800-516-9926. Ask to speak to one of the attorneys handling the case you are seeking
information about, or you may speak to Michael G. Lange, Esq. or Jeffrey C. Block, Esq. You can also write to the
firm at One Liberty Square, Boston, MA 02109, send the firm a facsimile at 617-542-1194, or send the firm an e-mail
at bdplaw@bermanesq.com.
SOURCE: Berman, DeValerio & Pease LLP