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WOLF POPPER LLP FILES SECURITIES FRAUD CLASS ACTION AGAINST SUNTERRA CORPORATION
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NEW YORK B July 21, 2006Wolf Popper LLP has filed a securities fraud lawsuit on behalf of all persons and entities who purchased the securities of Sunterra Corporation ("Sunterra" or the "Company") (OTC: SNRR.PK) on the open market during the period April 15, 2003 through June 22, 2006 (the "Class Period").The action is pending in the United States District Court, District of Nevada, against defendants Sunterra, Nicholas J. Benson (CEO), Steven E. West (CFO), and David R. Harris (Managing Director of Sunterra Europe) and is seeking remedies under the Securities Exchange Act of 1934. The complaint can be obtained from the Court or you can view or download a copy of the complaint at http://www.wolfpopper.com/publications/currentCases.cfm.If you bought the securities of Sunterra between April 15, 2003 through June 22, 2006, inclusive, and sustained damages, you may, no later than September 11, 2006, request that the Court appoint you as lead plaintiff. Under certain circumstances, one or more class members may together serve as "lead plaintiff." You may retain Wolf Popper LLP, or other counsel of your choice, to serve as your counsel in this action. The complaint alleges that statements issued by the defendants during the Class Period were materially false and misleading when made because defendants failed to disclose that: (a) the Company’s financial statements were not prepared in accordance with GAAP; (b) the Company’s earnings had been overstated and expenses understated because of the underpayment of withholding taxes in Spain; (c) the Company lacked adequate internal controls and was therefore unable to report accurate financial results or ascertain the true financial condition of Sunterra; (d) defendants had issued false and misleading financial projections to investors which the Company could only achieve by overstating its revenues and earnings; and (e) that as a result, Sunterra’s net income and financial results were materially misstated during the Class Period. As the above revelations entered the market, Sunterra stock fell 34% from its Class Period high of $16.72 per share. Wolf Popper LLP ( http://www.wolfpopper.com) is a firm based in New York City and is active in major litigations pending in federal and state courts throughout the United States. Wolf Popper has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 60 years. Please contact the Wolf Popper website for more information about the firm. If you wish to discuss this action, participate in this suit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:Emily DeMuro, Investor Relations ( edemuro@wolfpopper.com) or Michael A. Schwartz, Esq. (Mschwartz@wolfpopper.com) • Wolf Popper LLP • 845 Third Avenue • New York • NY • 10022 Tel.:212.759.4600 • Toll Free:877.370.7703 • Fax:212.486.2093 • Toll Free Fax:877.370.7704 Email: irrep@wolfpopper.com |
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