LITTLE ROCK, Ark., April 3, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today a new development in the class action lawsuit it has filed in the United States District Court for the Northern District of Texas, Dallas Division, on behalf of all individuals and institutional investors that purchased common stock of WebLink Wireless, Inc. ("WebLink" or the "Company") (Nasdaq:WLNK) between December 29, 2000 and February 20, 2001, inclusive (the "Class Period").
Nasdaq on Monday said it had halted trading in the shares of wireless data provider WebLink Wireless Inc. for "Additional information requested." The shares last traded at 3/32. Trading will remain halted until WebLink Wireless has fully satisfied Nasdaq's request for additional information, Nasdaq said.
The complaint charges that WebLink and its Chairman and Chief Executive Officer, John D. Beletic ("Beletic"), issued a statement on December 29, 2000, that a shelf registration for 8.5 million shares of WebLink common stock had been declared effective by the SEC and that the "effectiveness of the shelf registration works very well for us" with respect to obtaining the financing necessary to satisfy WebLink's cash requirements. However, this statement was materially false and misleading in that defendant Beletic knew as early as December 27, 2000 that "the sale of these registered common shares would no longer meet our capital needs." The complaint further alleges that defendants knew that the failure to secure adequate equity financing would cause a "going concern" audit opinion to be issued for WebLink. When news of Beletic's December 27 statement became public at the end of the Class Period, the price of WebLink stock fell 42% in a single day.
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 must meet certain requirements and take appropriate action by May 13, 2001. 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 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
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca