Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Pinnacle Holdings, Inc. Seeking Damages on Behalf of Shareholders

Apr 13, 2001, 01:00 ET from Cauley Geller Bowman & Coates, LLP

    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Middle District of Florida on behalf of
 all individuals and institutional investors that purchased the securities of
 Pinnacle Holdings, Inc. (Nasdaq: BIGT) ("Pinnacle" or the "Company") between
 January 18, 2000 and March 17, 2001, inclusive (the "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's financial condition, and as a
 result of these false and misleading statements the Company's stock traded at
 artificially inflated prices during the class period.  Specifically, the
 Complaint alleges that throughout the Class Period, the Company repeatedly
 issued press releases highlighting the Company's increasing financial strength
 through its numerous acquisitions of wireless tower sites and its financial
 results.  In August 2000, as alleged in the Complaint, Pinnacle revealed that
 the Securities and Exchange Commission ("SEC") was investigating the
 independence of its accounting firm, PriceWaterhouse Coopers, and also
 revealed that the SEC was investigating the Company's accounting for certain
 aspects of its recent acquisition of certain assets from Motorola, Inc.  The
 Company, however, stated that its publicly issued financial statements were,
 at all times, prepared in complete conformity with generally accepted
 accounting principles.  The Company further stated that the SEC investigation
 was nothing more than a "political" issue to further the SEC's new provision
 dealing with accountant independence.  Then on March 17, 2001, Pinnacle issued
 a press release which shocked investors by announcing that the Company's
 previously issued financial statements for the fiscal year ended December 31,
 1999 and its quarterly reports for the three months ended September 30, 1999,
 March 31, 2000, June 30, 2000 and September 30, 2000 would have to be revised.
 Defendants also disclosed that the restatements would be necessary to properly
 account for the Motorola acquisition.  On March 19, 2001, Pinnacle stock
 traded at slightly below $9 per share, an 88% decline from its Class Period
 high of $75.
     If you bought the securities of Pinnacle between January 18, 2000 and
 March 17, 2001, inclusive, you may, no later than May 22, 2001 request that
 the Court appoint you as lead plaintiff.  A lead plaintiff is a representative
 party that acts on behalf of other class members in directing the litigation.
 In order to be appointed lead plaintiff, the Court must determine that the
 class member's claim is typical of the claims of other class members, and that
 the class member will adequately represent the class.  Under certain
 circumstances, one or more class members may together serve as "lead
 plaintiff."  Your ability to share in any recovery is not, however, affected
 by the decision whether or not to serve as a lead plaintiff.  You may retain
 Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve
 as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or
 e-mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
 

SOURCE Cauley Geller Bowman & Coates, LLP
    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Middle District of Florida on behalf of
 all individuals and institutional investors that purchased the securities of
 Pinnacle Holdings, Inc. (Nasdaq: BIGT) ("Pinnacle" or the "Company") between
 January 18, 2000 and March 17, 2001, inclusive (the "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's financial condition, and as a
 result of these false and misleading statements the Company's stock traded at
 artificially inflated prices during the class period.  Specifically, the
 Complaint alleges that throughout the Class Period, the Company repeatedly
 issued press releases highlighting the Company's increasing financial strength
 through its numerous acquisitions of wireless tower sites and its financial
 results.  In August 2000, as alleged in the Complaint, Pinnacle revealed that
 the Securities and Exchange Commission ("SEC") was investigating the
 independence of its accounting firm, PriceWaterhouse Coopers, and also
 revealed that the SEC was investigating the Company's accounting for certain
 aspects of its recent acquisition of certain assets from Motorola, Inc.  The
 Company, however, stated that its publicly issued financial statements were,
 at all times, prepared in complete conformity with generally accepted
 accounting principles.  The Company further stated that the SEC investigation
 was nothing more than a "political" issue to further the SEC's new provision
 dealing with accountant independence.  Then on March 17, 2001, Pinnacle issued
 a press release which shocked investors by announcing that the Company's
 previously issued financial statements for the fiscal year ended December 31,
 1999 and its quarterly reports for the three months ended September 30, 1999,
 March 31, 2000, June 30, 2000 and September 30, 2000 would have to be revised.
 Defendants also disclosed that the restatements would be necessary to properly
 account for the Motorola acquisition.  On March 19, 2001, Pinnacle stock
 traded at slightly below $9 per share, an 88% decline from its Class Period
 high of $75.
     If you bought the securities of Pinnacle between January 18, 2000 and
 March 17, 2001, inclusive, you may, no later than May 22, 2001 request that
 the Court appoint you as lead plaintiff.  A lead plaintiff is a representative
 party that acts on behalf of other class members in directing the litigation.
 In order to be appointed lead plaintiff, the Court must determine that the
 class member's claim is typical of the claims of other class members, and that
 the class member will adequately represent the class.  Under certain
 circumstances, one or more class members may together serve as "lead
 plaintiff."  Your ability to share in any recovery is not, however, affected
 by the decision whether or not to serve as a lead plaintiff.  You may retain
 Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve
 as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or
 e-mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
 SOURCE  Cauley Geller Bowman & Coates, LLP