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Wolf Popper Victorious in World Access Appeal
On December 15, 2004, the U.S. Court of Appeals for the Third Circuit reversed in substantial part a New Jersey district court’s dismissal of a securities fraud class action brought against former officers and directors of World Access, Inc. The Court agreed with Wolf Popper’s argument that two of the three subclasses in the case had been improperly dismissed based on statute of limitations grounds. Based on the Court’s decision, the claims of those persons who purchased World Access shares in the open market during the period April 29, 1997, through February 11, 1999, and those persons who acquired their World Access shares in the merger with Telco Systems Inc. are reinstated. Wolf Popper will continue to litigate those claims in federal court in New Jersey. For more information, contact Carl L. Stine, Esq., 212 451-9631 or cstine@wolfpopper.com. |
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