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Case Status:    DISMISSED    
On or around 05/08/2002 (Other)

Filing Date: January 29, 1999

On May 8, 2002, the Court entered the Stipulation and Order of Voluntary Dismissal signed by U.S. District Judge M. J. Lorenz. The case was terminated.

The original complaint charges USA Talks.com, Inc. and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) promulgated thereunder. Specifically, the complaint alleges on or about November 24, 1998, USAT announced an infusion of over $1.5 million in financing and over $6 million in commitments for system expansion and equipment purchases. The Company stated that this would allow USAT to “move ahead on an accelerated program to provide national coverage and to expand into limited international markets.” The company continued its materially false and misleading statements throughout December 1998 and January 1999, stating that it obtained financing and was “on track” for network installation, that it would complete its nationwide flat-rate long distance service, and, ultimately, on January 27, 1999, that it had successfully installed its flat-rate “all you can talk” long distance Internet telephone service throughout California. The price of USAT common stock rocked from $5.75 on November 24, 1998 to as high as $56 on January 28, 1999. The complaint further alleges that, ultimately, USAT could no longer conceal its false and misleading statements. On or around January 29, 1999, the SEC announced that it was suspending trading in USAT through February 11, 1999, citing questions about the accuracy of information release to the public by the Company.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: USAT
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 99-CV-00162
JUDGE: Hon. Judith N. Keep
DATE FILED: 01/29/1999
CLASS PERIOD START: 11/24/1998
CLASS PERIOD END: 01/29/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  2. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 99-CV-00162
JUDGE: Hon. Judith N. Keep
DATE FILED: 07/30/1999
CLASS PERIOD START: 11/24/1998
CLASS PERIOD END: 01/28/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  2. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  3. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
  4. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
  5. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date