WEST PALM BEACH, Fla., May 18, 2006 (PRIMEZONE) -- The following statement was issued today by the Desmond Law Firm Professional Corporation:
A securities class action has been commenced on behalf of shareholders who acquired Escala Group, Inc. (Nasdaq:ESCL) securities between September 5, 2003 and May 8, 2006, inclusive (the "Class Period").
If you or your 401(k) Plan purchased Escala Group, Inc. securities between September 5, 2003 and May 8, 2006, you may, not later than July 10, 2006, move the court to serve as a lead plaintiff of the class action seeking to recover damages on behalf of all similarly-situated purchasers of Escala Group, Inc. securities, excluding the defendants and their affiliates.
No class has yet been certified in the above actions. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased stock during the class period, you have a right to become involved as a plaintiff but are not required to do so to recover damages.
In order to serve as a lead plaintiff, you must meet certain legal requirements. If you were a purchaser of the common stock of Escala Group, Inc. during the class period, you may call the Desmond Law Firm who will, without obligation or cost to you, attempt to answer your questions and concerns. You may contact the Desmond Law Firm at 2161 Palm Beach Lakes Boulevard, Suite 204, West Palm Beach, Florida 33409, by calling toll free at (888) 337-6663, by e-mail at Mailroom@SecuritiesAttorney.com, or by visiting its website at www.SecuritiesAttorney.com
The case is pending in the United States District Court for the Southern District of New York.
It is alleged that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)(5) promulgated thereunder, by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
The Desmond Law Firm Professional Corporation is available to answer questions relating to any other securities related matters involving investor losses, including stockbroker abuse claims.
Florida Bar Disclosure: "The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience."
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca