Shareholders of Log On America have filed a lawsuit against the Rhode Island-based Internet provider for allegedly issuing false and misleading financial statements.
In a press release, the law firm Cauley Geller Bowman & Coates, LLP, of Little Rock, Ark., recently announced that a class action has been filed in the United States District Court for the District of Rhode Island on behalf of purchasers of Log On America, Inc. (OTC Bulletin Board: LOAX) common stock during the period between April 22, 1999 and November 20, 2000, inclusive.
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The complaint alleges Log On America (LOA) and certain of its officers and directors with issuing false and misleading statements concerning the company’s business and financial condition. Specifically, throughout the Class Period, defendants allegedly repeatedly issued statements indicating that, among other things, the company was on track to achieve the goals of its business plan and that it was successfully growing its service offerings and customer base through its numerous acquisitions.
Representatives for LOA were not immediately available by phone for comment.
A copy of the complaint filed in this action is available from the court, or can be viewed on the firm’s Web site at http://www.classlawyer.com/pr/log_on_america.pdf.
