Class action lawsuit taken over Russian telco deal
A class action lawsuit has been commenced by Sarraf Gentile LLP on behalf of those investors who acquired the securities of GlobeTel Communications Corp. (AMEX: GTE) during the period December 30, 2005 to April 11, 2006.
According to the complaint, the Defendants issued several statements during the Class Period which touted the consummation of a $600 million deal with a Moscow-based company named LLC Internafta to install wireless networks in Russia's 30 largest cities. The complaint alleges, however, that the Russian deal, like so many of GTE's other business ventures, was in reality a sham.
According to the complaint, the Defendants issued several statements during the Class Period which touted the consummation of a $600 million deal with a Moscow-based company named LLC Internafta to install wireless networks in Russia's 30 largest cities. The complaint alleges, however, that the Russian deal, like so many of GTE's other business ventures, was in reality a sham.
posted by JohnBowie at 2:11 PM
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