Investor Suit Filed Against Primus

 
 
By eweek  |  Posted 2004-08-18 Email Print this article Print
 
 
 
 
 
 
 

Primus Telecommunications was slapped with a shareholder class-action suit over misrepresentation of projected revenue.

The news isnt all good for Primus Telecommunications Group, Inc. A law firm on Wednesday said it is filing a class action lawsuit in Virginia against the carrier on behalf of investors who purchased the companys stock between mid-November, 2003 and the end of July 2004. The complaint alleges misrepresentation of revenue projections. According to law firm of Schatz & Nobel P.C., Primus misrepresented its prospects in several ways: over the pricing pressures on its international long-distance business; and its stated revenue projections for the rest of 2004. The suit also says that Primus was incapable of raising funds for necessary capital expenditures. Read the full story on Yahoo Finance.
 
 
 
 
 
 
 
 
 
 
 

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