NEW YORK, July 24 LAWFUEL – Law News Network — Wolf 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”) (Pink Sheets: SNRR) 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
