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Case Status:    DISMISSED    
On or around 05/06/2005 (Other)

Filing Date: August 10, 2004

On May 6, 2005, the Court entered the Stipulation of Voluntary Dismissal signed by U.S. District Judge Richard M. Berman. The lead plaintiffs voluntarily dismiss the action without prejudice and the case was closed.

According to a press release dated August 26, 2004, a securities fraud class action lawsuit was commenced on behalf of purchasers of the securities of World Information Technology, Inc. between January 3, 2003 and March 16, 2004, inclusive. The complaint alleges that the Company, its officers, directors and outside auditor (Beckstead & Watts, LLP ) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. World Information purported to be a leading 'online, member-created, Internet community.' Throughout the class period, the Company reported artificially inflated sales, accounts receivable and net income. Despite these violations, the Company's outside auditor certified the Company's 2002 financial statements. In September 2003, B&W wrote to World Information's CEO, questioning the validity of the Company's accounts receivable and noting problems with the Company's internal financial controls, but did not withdraw its audit report. In January 2004, B&W resigned as the Company's auditor, followed by CFO Steven D. Fellows who resigned in February 2004. On March 16, 2004, the Company announced that the Securities and Exchange Commission had temporarily suspended trading of the Company's securities due to the inaccuracy and incompleteness of the Company's financial statements.


Sector: Services
Industry: Business Services
Headquarters: United States


Ticker Symbol: WRLT.OB
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. New York
DOCKET #: 04-CV-06195
JUDGE: Hon. Richard M. Berman
DATE FILED: 08/10/2004
CLASS PERIOD END: 03/16/2004
  1. Schatz & Nobel, P.C.
  2. Shalov Stone & Bonner LLP
  3. Vianale & Vianale LLP (former Boca Raton)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available