BALA CYNWYD, Pa., January 9, 2002 (PRIMEZONE) -- Shareholders of StarMedia Networks, Inc. who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in the United States District Court for the Southern District of New York must submit an application with the Court by January 19, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased StarMedia Networks, Inc. (Nasdaq:STRME) securities between April 11, 2000 and November 19, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of StarMedia Networks, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the New York-based StarMedia Networks, Inc. reported artificially inflated financial results in press releases and filings made with the SEC by improperly recognizing revenue in violation of Generally Accepted Accounting Principles.
On November 19, 2001, the company admitted that two Mexican subsidiaries of StarMedia had improperly recognized approximately $10 million in revenues from October 1, 2000 through June 30, 2001. As a result, trading was halted on November 19, 2001.
If you purchased StarMedia Networks, Inc. securities during the period of April 11, 2000 and November 19, 2001, you may be a member of the class and have until January 19, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.