Wolf Haldenstein Adler Freeman and Herz LLP Commences Pinnacle Holdings Class Action

Apr 12, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman & Herz LLP

    NEW YORK, April 12 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that it filed a class action lawsuit in the United States
 District Court for the Middle District of Florida on behalf of all purchasers
 of Pinnacle Holdings, Inc. ("Pinnacle" or the "Company") (Nasdaq:   BIGT)
 securities during the period between January 18, 2001 and March 17, 2001,
 inclusive (the "Class Period") against Pinnacle and certain of its officers
 and directors.
     The case name and index number are Troncatty v. Pinnacle Holdings, Inc.
 (8:01-CV-749-T-17TBM), and is before Judge Elizabeth A. Kovachevich.  A copy
 of the complaint filed in this action is available from the Court, or can be
 viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at
 http://www.whafh.com.
     The complaint alleges that defendants violated federal securities laws.
 Pinnacle is a provider of wireless communications site rental space in the
 United States.  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, Pinnacle revealed that the
 Securities and Exchange Commission ("SEC") was investigating the independence
 of its accounting firm, PriceWaterhouse Coopers, and that the SEC was
 investigating the Company's accounting for certain aspects of its recent asset
 acquisition 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 assets 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 purchased Pinnacle securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 22, 2001.  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.
 
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.   If you wish to discuss this
 action or have any questions, please contact Wolf Haldenstein Adler Freeman &
 Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at
 (800) 575-0735 (Gregory M. Nespole, Esq., George Peters, Michael Miske, Fred
 Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or visit our
 website at http://www.whafh.com
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 12 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that it filed a class action lawsuit in the United States
 District Court for the Middle District of Florida on behalf of all purchasers
 of Pinnacle Holdings, Inc. ("Pinnacle" or the "Company") (Nasdaq:   BIGT)
 securities during the period between January 18, 2001 and March 17, 2001,
 inclusive (the "Class Period") against Pinnacle and certain of its officers
 and directors.
     The case name and index number are Troncatty v. Pinnacle Holdings, Inc.
 (8:01-CV-749-T-17TBM), and is before Judge Elizabeth A. Kovachevich.  A copy
 of the complaint filed in this action is available from the Court, or can be
 viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at
 http://www.whafh.com.
     The complaint alleges that defendants violated federal securities laws.
 Pinnacle is a provider of wireless communications site rental space in the
 United States.  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, Pinnacle revealed that the
 Securities and Exchange Commission ("SEC") was investigating the independence
 of its accounting firm, PriceWaterhouse Coopers, and that the SEC was
 investigating the Company's accounting for certain aspects of its recent asset
 acquisition 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 assets 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 purchased Pinnacle securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 22, 2001.  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.
 
     Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.   If you wish to discuss this
 action or have any questions, please contact Wolf Haldenstein Adler Freeman &
 Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at
 (800) 575-0735 (Gregory M. Nespole, Esq., George Peters, Michael Miske, Fred
 Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or visit our
 website at http://www.whafh.com
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP