WALDEN LAW FIRM, PLLC FILES CLASS ACTION SUIT AGAINST PAUL G. ALLEN, ELOISE SCHMITZ, AND NEIL SMIT
June 1, 2009 – Walden Law Firm, PLLC (“Walden”) (http://www.waldenlawfirm.com/Cases/Charter/Charter.html) today announced that a class action has been commenced in the United States District Court for the Eastern District of Arkansas on behalf of purchasers of Charter securities between October 23, 2006, and February 12, 2009 (the “Class Period”).
If you wish to serve as lead plaintiff, you must so move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Richard E. Walden of the Walden Law Firm, PLLC, at 501.907.7000 or, or via e-mail at
(-REDACTED-) . If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.waldenlawfirm.com/Cases/Charter/Charter.html. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Charter and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Charter operates a broadband communications business in the United States.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s ability to service its debt, its potential for mergers, and the value of its stock. Specifically, defendants failed to disclose, among other things, that Charter would not be able service its debt to September 2010, but rather Charter would file bankruptcy in March of 2009. Also, the Defendants issued misleading statements about Charter’s potential for mergers. As a result of defendants’ false and misleading statements, Charter’s securities traded at artificially inflated prices during the Class Period, reaching a high of $ 4.800 on July 19, 2007.
On February 12, 2009, Charter issued a press release stating that it would file for bankruptcy before April 1, 2009.
Plaintiff seeks to recover damages on behalf of all purchasers of Charter’s securities during the Class Period (the “Class”). The plaintiff is represented by Walden Law Firm, PLLC, which has expertise in prosecuting investor class actions and experience in actions involving financial fraud.
Walden Law Firm, PLLC, is a law firm with an office in Little Rock, Arkansas, is active in major litigations pending in federal and state courts throughout the United States, and has taken a role in many important actions on behalf of defrauded investors. The Walden Web site (http://www.waldenlawfirm.com) has more information about the firm.
