Shapiro Haber & Urmy LLP Files Federal Securities Class Action Alleging that Globalstar Telecommunications Misled the Investing Public

Apr 17, 2001, 01:00 ET from Shapiro Haber & Urmy LLP

    BOSTON, April 17 /PRNewswire/ -- A class action suit alleging securities
 fraud has been filed in the United States District Court for the Southern
 District of New York against Globalstar Telecommunications, Ltd.
 (Nasdaq:   GSTRF) ("Globalstar" or the "Company") and Loral Space &
 Communications Ltd. by the Boston law firm Shapiro Haber & Urmy LLP.
     The case was filed on behalf of all persons who purchased the common stock
 of Globalstar during the period December 6, 1999 through October 27, 2000,
 inclusive (the "Class Period").
     The complaint alleges that the defendants violated section 10(b) of the
 Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5
 promulgated thereunder, and Section 20(a) of the Exchange Act, by issuing
 materially false or misleading statements concerning the Company's business
 performance during the relevant time.  The complaint alleges, among other
 things, that defendants' represented that the Company was performing well,
 when in fact it was experiencing regulatory problems and delays in receiving
 necessary European approvals to achieve sales in conformity with the Company's
 stated business plans.  The complaint also charges that the Company falsely
 assured its investors that it was not suffering from the same marketing
 problems that ultimately bankrupted its primary rival, Iridium, when in fact
 it was.
     Plaintiff seeks to recover damages suffered by class members and is
 represented by the law firm of Shapiro Haber & Urmy LLP, which has
 successfully prosecuted numerous securities class actions on behalf of
 defrauded investors.  More information about the firm and its qualifications
 is available on the firm's website at www.shulaw.com.
     If you are a member of the class described above, you may wish to join the
 action.  You may move the court to serve as a lead plaintiff no later than
 April 30, 2001.
     If you would like a copy of the complaint, would like to discuss joining
 this action as a lead plaintiff, or would like to inform us that you are a
 member of the proposed class, please contact Theodore M. Hess-Mahan, Esq. or
 Lisa Palin, paralegal, Shapiro Haber & Urmy LLP, 75 State Street, Boston, MA
 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at cases@shulaw.com.
 
 

SOURCE Shapiro Haber & Urmy LLP
    BOSTON, April 17 /PRNewswire/ -- A class action suit alleging securities
 fraud has been filed in the United States District Court for the Southern
 District of New York against Globalstar Telecommunications, Ltd.
 (Nasdaq:   GSTRF) ("Globalstar" or the "Company") and Loral Space &
 Communications Ltd. by the Boston law firm Shapiro Haber & Urmy LLP.
     The case was filed on behalf of all persons who purchased the common stock
 of Globalstar during the period December 6, 1999 through October 27, 2000,
 inclusive (the "Class Period").
     The complaint alleges that the defendants violated section 10(b) of the
 Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5
 promulgated thereunder, and Section 20(a) of the Exchange Act, by issuing
 materially false or misleading statements concerning the Company's business
 performance during the relevant time.  The complaint alleges, among other
 things, that defendants' represented that the Company was performing well,
 when in fact it was experiencing regulatory problems and delays in receiving
 necessary European approvals to achieve sales in conformity with the Company's
 stated business plans.  The complaint also charges that the Company falsely
 assured its investors that it was not suffering from the same marketing
 problems that ultimately bankrupted its primary rival, Iridium, when in fact
 it was.
     Plaintiff seeks to recover damages suffered by class members and is
 represented by the law firm of Shapiro Haber & Urmy LLP, which has
 successfully prosecuted numerous securities class actions on behalf of
 defrauded investors.  More information about the firm and its qualifications
 is available on the firm's website at www.shulaw.com.
     If you are a member of the class described above, you may wish to join the
 action.  You may move the court to serve as a lead plaintiff no later than
 April 30, 2001.
     If you would like a copy of the complaint, would like to discuss joining
 this action as a lead plaintiff, or would like to inform us that you are a
 member of the proposed class, please contact Theodore M. Hess-Mahan, Esq. or
 Lisa Palin, paralegal, Shapiro Haber & Urmy LLP, 75 State Street, Boston, MA
 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at cases@shulaw.com.
 
 SOURCE  Shapiro Haber & Urmy LLP