Stockholders v Pegasus Communications Corporation
Pegasus Communications Corporation Violated Federal Securities Laws
A class action has been filed against Pegasus Communications Corporation (PGTV), certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2000 and June 2, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated November 8, 2005, the Complaint alleges that Pegasus and certain of its management violated §10b and Rule 10b-5 of the federal securities laws by failing to disclose its "exclusive" distribution rights for DirecTV services could be terminated without cause prior to 2008. On June 2, 2004 Pegasus disclosed that its exclusive rights to distribute DirecTV services had been terminated. That same day certain Pegasus' operating subsidiaries filed for bankruptcy protection, damaging investors.
If you bought Pegasus Communications Corporation securities between November 10, 2000 and June 2, 2004, inclusive, and would like to obtain information about the Pegasus Communications Corporation lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney.
